November 8th, 2010
Last night, during a taped interview with 60 Minutes, President Barack Obama told Steve Kroft: “I thought the economy would have gotten better by now. One of the things I think you understand as president is you’re held responsible for everything. But you don’t always have control of everything.” President Obama is right: presidents often do get too much of the credit and too much of the blame for the economic performance of the country. But there is one aspect of the economy that President Obama does have control over: taxes. And at a time when our nation’s unemployment still hovers around 10%, President Obama’s tax plan raises taxes by $1.8 trillion over the next 10 years.
The White House wants you to believe that only the wealthy will pay higher taxes under the President’s plan. Don’t believe them for a second. These hikes include reducing the child tax credit, re-imposing the marriage penalty, raising taxes on small businesses (the American jobs engine), raising dividend taxes (draining seniors’ incomes), raising capital gains taxes (diverting money from job-creating investments) and raising some personal tax rates.