“There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit. And we can do it in a gradual way so that it doesn’t have a huge impact,” he said.
Obama indicated he would seek to end deductions that are not available to all Americans, singling out “carried interest,” which refers to the tax rate paid by many private equity managers, venture capital and real estate partnerships. (Obama: more tax revenue needed to address deficit – CBS, Reuters, Jeff Mason, February 3, 2013)
President Obama Already Got His “Revenues”
On January 2, 2013, the President got $660 billion in additional tax revenues, this, on top of the over $1 trillion in taxes from Obamacare that kicks in 2013. The President has the same solution to every issue or perceived inequity, raise taxes. (Obama Administration Officials Confirm a Future of Higher Health Care Costs and Spending Under ObamaCare, Committee on Ways and Means, January 8, 2013)
Raising Taxes Would Slow Economic Growth, Create Fewer Jobs
The message from Main Street, and nearly every credible study, is clear: higher tax rates mean fewer jobs. Rather than continuing to raise taxes on the backs of America’s entrepreneurs, now is the time for President Obama to come to the table with a serious plan that reduces spending and helps strengthen America’s fragile economy. (New Surveys Confirm the President’s Tax Hikes Will Hurt Main Street Job Creators and Workers, Committee on Ways and Means, December 12, 2012; Long-run macroeconomic impact of increasing tax rates on high-income taxpayers in 2013, Ernst and Young LLP, Drs. Robert Carroll and Gerald Prante, July 2012)