5 Quick Questions about Barack Obama’s Tax Increases On the Rich


Higher taxes on the rich have been the holy grail of Barack Obama’s presidency. He spent four years talking about it, ran his reelection campaign on it and was willing to take the nation over the fiscal cliff to get it.

Now, he has gotten his wish. Taxes on the wealthy have gone up.

1) So, is this going to fix the deficit? No, the deficit is actually getting larger because of new spending in the fiscal cliff deal.

2) Did we only raise taxes on the rich? No, of course not. The payroll tax went up, too.

3) Will it create more jobs? No, in fact it will slow down job creation a bit because it will take money that job creators could have used for investment and move it into the government’s coffers.

4) Will it help the economy? No, in fact it will probably slow down the economy a bit by transferring money from the private sector to the government.

5) So, what did raising taxes on the rich actually accomplish? It reduced “inequality” by helping to make everyone a little poorer and it made a great campaign issue for Obama. So, there’s that.

So, if as expected, the economy continues to splutter along, the jobless rate stays high and the deficit remains huge, the question for Obama then becomes, “Now what?”

Trending on the Web

Related Articles

12

Caption This Photo: Obama Hears Karl Marx in His Seashell

Caption: “Now, let me be clear. They say if you find a seashell and hold it up to your ear

1

Shutdown Theater: DOJ Takes Down Amber Alert Website

Remember, one park ranger told the Washington Times that “We’ve been told to make life as difficult for people as

0

Doctors are sick of Obamacare

Well, Obama can surely not count on doctors to back him in his re-election bid. Huffington Post’s Harry Bradford: posted on