“The last thing you want to do is to raise taxes in the middle of a recession, because that would just suck up—take more demand out of the economy and put businesses in a further hole.”
That was President Obama in 2009, trying to reassure Americans that he was going to wait until after the recession to raise taxes. Yesterday, he began pushing again for higher taxes on the “wealthy“—which would actually hit 1.2 million of the country’s most successful job creators.
The tax increase du jour is a recycled one: The President’s long-held plan to raise taxes on incomes over $200,000 ($250,000 for families). Interestingly, President Obama is to the left of his liberal allies in Congress such as Senator Charles Schumer (D–NY) and House Minority Leader Nancy Pelosi (D–CA) on the definition of the “rich.” Schumer and Pelosi set the mark at as those making more than $1 million annually. That is five times higher than President Obama’s $200,000 mark. Apparently even they recognize the President’s plan would be too punitive on job creators (although they are still willing to stick it to the most successful job creators for the sake of class warfare).