CBO: Obama’s Tax Hikes For The Rich Will Bring The Deficit Down By Zero

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President Obama continues his “tax the rich” campaign. His first line of business was to meet with labor leaders. I’m sure that was productive. (Not!)

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So, if he is able to pass his tax hikes on the wealthiest Americans, how much will it bring in to reduce the deficit? Um. Nothing.

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But just how much deficit reduction would Obama’s tax hikes on the rich necessarily accomplish?

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Nothing, according to the Congressional Budget Office.

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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.

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We could have elected a president who knows math, but for whatever reason we did not. So now we get more of the same.

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