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Tuesday, September 20, 2011

Obama Threatens Veto if Plan Has No New Revenues

“With a scrappy unveiling of his formula to rein in the nation’s mounting debt, President Obama confirmed Monday that he had entered a new, more combative phase of his presidency, one likely to last until next year’s election as he battles for a second term. Faced with falling poll numbers for his leadership and an anxious party base, Mr. Obama did not just propose but insisted that any long-term debt-reduction plan must not shave future Medicare benefits without also raising taxes on the wealthiest taxpayers and corporations. He uncharacteristically backed up that stand with a veto threat….” (New York Times)

Increasing the disincentive to invest seems like a poor path to prosperity.

FEE Timely Classic
“Higher Income Taxes Are Benign? It Just Ain’t So” by Jeb Bleckly and Joshua C. Hall