In his speech on Wednesday, President Obama said:
Cut taxes, especially for millionaires and billionaires. Cut regulations for special interests.
So if taxes are increased the way Obama wants, so-called wealthy people will pay around $100,000 more in taxes every year. That amounts to, at least, one less great-paying job for someone because that money will now be sent to the government.
Another problem with the President’s tax hikes is that the wealth the so-called rich have created is proof they know what it takes to create jobs. They got that way by creating something of value. They could not have gotten wealthy without creating jobs, unless they inherited that wealth.
Worse, that tax revenue will go into the hands of Obama, Sen. Reid (D-NV), Speaker Pelosi (D-CA), and all the other politicians who have spent our taxes with abandon and created the massive budget deficits we have. They paid off their political base with bailouts. That is no endorsement for continued spending. They are reckless with out tax dollars and cannot be trusted to use them prudently.
On Bush’s so-called cutting of regulations, that is simply untrue. President Bush signed the Sarbanes-Oxley accounting regulations, which incidentally did nothing to stop this financial mess. Veronique de Rugy documents the massive increase in regulations under President Bush here and here. Katherine Mangu-Ward argues with the conventional wisdom that deregulation is to blame here.