Here’s President Obama in August 2009 discussing the link between tax increases, recessions and business growth: “The last thing you want to do is raise taxes in the middle of a recession because that would just suck up, take more demand out of the economy and put business in a further hole.”
Today, in a still weak economy, raising taxes has moved from being the “last thing” to do to being Mr. Obama’s top priority.
Single-handedly, ObamaCare, counting premium mandates and penalties, is likely to become the largest tax increase in U.S. history.
And that’s just the beginning. On the Obama administration’s to-do list to create a world that’s fairer and cleaner are higher taxes on dividends, capital gains, high-earners, interest income, overseas profits, inheritances and fossil fuels.
When Obama delivered the aforementioned warning about the negative impact on business from hiking taxes during a recession, the U.S. economy was growing at a faster pace than this year’s economy.