Before even meeting with Republican Senate leader Mitch McConnell on debt talks, Obama proposed a $600 billion tax hike. Naturally, Republicans and political pundits – and we humble conservative bloggers, of course – are not too pleased.
Bryan Preston from Pajamas Media blogged, “The White House has proposed raising about $600 billion in new tax revenue, including ending subsidies to oil and gas companies, an idea that failed in the Senate.”
“The Democrats’ insistence on touting their desire to ‘end tax breaks to oil and gas companies’ is becoming quite tiresome,” wrote Andrew Stiles from National Review. “It’s basically their only specific new tax proposal, but would amount to saving of just $21 billion over a decade. That’s a long way to $600 billion.” Stiles is right, but he discounts the fact that higher taxes will blockade economic growth, and even worse, spike an already fatal unemployment rate.
Congressional Republicans – Eric Cantor, John Boehner, Mitch McConnell, and others - say they would like to pursue discussions on the debt ceiling, but tax hikes are out of the question. But Obama and the Democrats in Congress are insistent. Apparently they think confiscating more money from the private sector is going to expand business operations and stir the economy, when in reality, it will slash dividend payouts, increase prices for consumers, and send more corporate money overseas.
Good idea bureaucrats, let’s kill more jobs.