Tags: forbes | obama | budget

Steve Forbes: Obama Budget Pitch a Loser

By Dan Weil   |   Friday, 27 Feb 2009 10:57 AM

Steve Forbes, editor-in-chief of Forbes magazine, has harsh criticism for President Obama’s 2010 budget — especially the provisions for tax increases and healthcare spending.

“It’s a loser on both sides,” Forbes told Bloomberg TV, referring to the taxes and healthcare.

Obama proposes raising the top tax rate to 39.6 percent from 35 percent and devoting $634 billion to expand healthcare coverage.

“Raising tax rates, especially in an environment like this, is not good for the economy,” Forbes says.

He opposes Obama’s plan for corporate tax increases too.

“That will be a real drain on manufacturing, which is already reeling,” Forbes says.

“Obama will have a hard time getting through $75 billion in new taxes on business.”

Bottom line: “I think this will be a downer: raising taxes on capital and burdens on people is not what you should be doing at times like this,” Forbes says.

If Obama wants tax cuts for the non-wealthy, “he should have cut payroll taxes in half for a couple years,” Forbes says.

As for healthcare, the plan creates too much control by government, Forbes says.

“This is a very statist, pro-government budget, and I don’t think it will give much boost to the [stock] market.”

Forbes has plenty of company in his views.

“This budget makes clear that the era of big government is back, and Democrats want you to pay for it,” House Minority Leader John Boehner said in a statement.

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Steve Forbes, editor-in-chief of Forbes magazine, has harsh criticism for President Obama’s 2010 budget — especially the provisions for tax increases and healthcare spending. “It’s a loser on both sides,” Forbes told Bloomberg TV, referring to the taxes and healthcare....
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