LogikAndReazon
Gold Member
- Feb 21, 2012
- 5,351
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Raising taxes on the rich was the cornerstone of President Obamas reelection campaign. If were serious about reducing the deficit, Obama told a rally in Columbus, Ohio, on election day, weve got to ask the wealthiest Americans to go back to the tax rates they paid when Bill Clinton was in office.
But just how much deficit reduction would Obamas tax hikes on the rich necessarily accomplish?
Nothing, according to the Congressional Budget Office.
Letting tax rates rise to Clinton era levels for those families making over $250,000 a year would only raise $824 billion over ten years. That is not even enough revenue to undo the sequester that Obama promised will not happen during his final debate with Mitt Romney....
How much deficit reduction would Obama
But just how much deficit reduction would Obamas tax hikes on the rich necessarily accomplish?
Nothing, according to the Congressional Budget Office.
Letting tax rates rise to Clinton era levels for those families making over $250,000 a year would only raise $824 billion over ten years. That is not even enough revenue to undo the sequester that Obama promised will not happen during his final debate with Mitt Romney....
How much deficit reduction would Obama