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!)
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.
But just how much deficit reduction would Obama’s 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.
We could have elected a president who knows math, but for whatever reason we did not. So now we get more of the same.