Tags: Gasparino | Obama | Buffett | Tax | Jobs

Gasparino: Obama's 'Buffett Tax' Will Kill Jobs

Wednesday, 21 Sep 2011 09:18 AM

President Barack Obama's proposed tax hike on wealthy Americans will kill job creation, the very thing the U.S. needs for speedier economic recovery, says Charles Gasparino, Fox Business Network senior correspondent.

The tax, called the Buffett Tax since it emulates calls from Warren Buffett to hike taxes on America's wealthy, aims to help trim government deficits.

About the only thing it's going to trim is economic growth, critics say.

"Thing is, taxing income won’t get squat from the president’s favorite limousine liberal, Warren Buffett — the guy who supposedly inspired Obama’s plan. Buffett doesn’t collect most of his money as the normal income that the tax would hit. (His salary is just $100,000 a year.)," Gasparino writes in a New York Post op-ed.

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President Barack Obama
(Getty Images photo)
"A 'soak the rich' plan makes no sense in under current economic conditions. Soaking the only people left with disposable income to spend and keep working-class Americans working is one of the dumber things you can do at a time when you need the rich to spend more, not less," Gasparino adds.

"In the real world, millionaires react the same way everyone else does when they have less disposable income: They cut back."

Republican leadership blasted the plan, also pointing out it will hamper job creation.

"This administration's insistence on raising taxes on job creators and its reluctance to take the steps necessary to strengthen our entitlement programs are the reasons the president and I were not able to reach an agreement previously,'' says House Speaker John Boehner, R., Ohio, according to The Wall Street Journal.

"Pitting one group of Americans against another is not leadership."


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President Barack Obama's proposed tax hike on wealthy Americans will kill job creation, the very thing the U.S. needs for speedier economic recovery, says Charles Gasparino, Fox Business Network senior correspondent. The tax, called the Buffett Tax since it emulates calls...
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2011-18-21
 

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