Nearly everyone has heard that president Obama is pushing to raise taxes on individuals who make more than $200,000 per year. According to Obama, this is the fair thing to do. Even Obama does not claim that the tax increase will grow the economy since he admitted two years ago that such increases would be bad news during a time of economic recession. But today, we got a review of the effect of the Obama tax increase from and independent expert. The accounting and consulting firm Ernst & Young issued a report that says that the Obama tax increases will shrink the U.S. economy by 1.3 percent and cause 710,000 job losses.
Think of it this way, last month the US economy created 80,000 new jobs. At that rate, the Obama tax increase would wipe away three quarters of a year of job growth. Only a maniac would propose increasing taxes in a way that will cause such harm to the American economy.
Obama has got to go!!
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