Wednesday, December 12, 2012

Higher Taxes Will Create Jobs and Reduce the Deficit (You can't make this stuff up)

Yahoo! Finance ^ | 12-12-12 | David Cay Johnson

President Obama hit the road this week to build national support for increasing taxes on wealthy Americans. On Monday the president addressed autoworkers in Redford, Mich., outlining his budget proposal and explaining why higher tax rates were necessary at this critical juncture.
"Our economic success has never come from the top down," Obama said. "It comes from the middle out; it comes from the bottom up."
Raising taxes on the top 2% of U.S. households has been a controversial topic as the "fiscal cliff" negotiations drag on in Washington. The "cliff" refers to the billions of dollars in spending cuts and tax increases that are scheduled to take effect early next year. Obama has not relented on his campaign pledge to let the Bush-era tax cuts expire for individuals earning at least $200,000 a year ($250,000 for families). Obama says his proposal would not affect the tax rates of 98% of Americans and his recommended tax hikes on the rich would not touch the first $250,000 of income.
(snip)
"If you're concerned about deficits, you need to bring in more money," he says. The economy may be too "delicate" to let the Bush tax cuts expire for lower income individuals right now Johnston concedes, but "as the economy gets stronger, there will need to be adjustments."
(Excerpt) Read more at finance.yahoo.com ...

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