Why Obama must stand firm on taxing the wealthy
Why Obama must stand firm on taxing the wealthy | 12/26/2012, 8:11 a.m.
How much of the tens of billions they’ll receive from these government entitlements will actually go toward business expansion and job creation is subject to question. One thing that is not open to debate is that few GOP leaders will seek to slash these entitlements that drain the federal budget of vast revenues. Yet they’ll continue to rail against expenditures on food stamps as a prime government revenue drain.
The GOP figured that waging a fierce political, media and public relations campaign against Obama’s tax hikes for the wealthy would be a can’t-miss tactic to rally conservatives, the business community and a significant number of Americans who genuinely believe government spending and power is way out of control. They also thought it could take some of the luster off of Obama’s decisive presidential win by tarring him as an autocratic, power-grabbing, tax-and-spend business and budget buster.
It hasn’t worked. Polls show that a majority of Americans favor hiking taxes on the rich and preserving entitlement programs that benefit the middle and working class, and even the poor. This won’t stop the GOP, though, from waging its age-old battle to protect the rich and batter a Democratic president on its straw man issue of no tax increases for the rich. That in itself is more than reason enough why President Obama must stand firm on taxing the wealthy.
Earl Ofari Hutchinson is an author and political analyst.