Obama’s Warped View on Taxes
Obama’s Warped View on Taxes
Washington – The Club for Growth wished Senator Barack Obama congratulations on finally recognizing that tax increases will hurt the country’s economy, but questioned why he is determined to raise them anyway.
Over the weekend, Senator Obama said he would delay rescinding the Bush tax cuts if the economy is in a recession, saying, “I think we’ve got to take a look and see where the economy is. I mean, the economy is weak right now.” At the same time, Barack Obama said he would not extend the Bush tax cuts when they expire in 2010. This is tantamount to saying, “I know tax increases are bad for the economy but I’m going to raise them anyway.”
“It is high time Barack Obama recognized what has been obvious for decades—high taxes are like a dead weight on economic growth,” said Club for Growth President Pat Toomey. “High taxes punish work, savings, investment, profit, and risk taking. Conversely, cutting taxes encourages all of these vital activities and thereby promotes economic growth. So now that Obama has recognized that tax increases hurt the economy, why is he so determined to raise them? The logical conclusion from Obama’s own observation is that he should be supporting making the 2001 and 2003 tax cuts permanent.”
