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CNN: Obama Tax Plan Will Cut GDP by One Percent

by Keith Koffler on July 12, 2012, 9:12 pm

CNN is reporting that President Obama’s proposal to raise taxes on the highest earning Americans could take a one percent bite out of GDP.

Interestingly, the reporter, Erin Burnett, is a former leading reporter for CNBC and one of the few news anchors who actually understands economics.

Soaking the rich will harm the poor. With government spending at hits highest proportion of GDP since World War II, it says a lot about an Obama second term that his major focus is to raise taxes.

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{ 7 comments… read them below or add one }

Lisa July 12, 2012 at 9:50 pm

If Obama gets a second term we are screwed in every way there is.

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Sam Stone July 13, 2012 at 9:06 am

And ways we have not yet imagined!

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Susan July 12, 2012 at 10:14 pm

He knows tax increases will send us in a downward spiral, and he doesn’t care. He’s pandering to his radical base and the takers, not to the American people. Add that 1% reduction in GDP to his precious ObamaTAX that will cost more than $2.6 trillion over 10 years and we’re doomed. What’s another lie from President Kardashian? It’s the old Alinsky model of the end justifies the means.

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Mike Lester July 13, 2012 at 8:35 am

In other news: water wet, it gets hot in summer and you are racist.

Off topic but this morning TODAY show (you know, the show where they put Ann Curry down like a horse on live tv?) w/ all the face palm events happening in an overcrowded news cycle they ran a hidden camera investigative report on how carny games are rigged. Really??? You mean I’m not an expert shot w/ a BB gun??? (Happy Friday and God, please let me have a Romney/Rice ticket.)

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Sam Stone July 13, 2012 at 9:05 am

This Burnett woman is a welcome relief on cable tv. Not only is she smart, seemingly non partisan but great looking. She has a mix of guests not just one side and she seems to follow the Fox News standard of fair and balanced.

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chazkroiss August 7, 2012 at 12:15 pm

Why didn’t you show the WHOLE article? It is easy to find a short video clip where a person is saying only what backs up your own opinion. At the bottom is a link to a FULL article (also Erin Burnett) that talks about Mitts tax plans. No one has a complete answer, and the problems our country face are bigger than any one person. Extremist conservatives and Liberals are killing the country by refusing to work together. Look at the debt ceiling debate, everyone knew that it had to get done last summer, but both sides in congress drew lines in the sand and destroyed the economy by causing insecurity while waiting to do what they knew had to be done, only to bolster their own political agendas. Worse yet, the debate still goes on as we near the Jan. 1 deadline for reducing the deficit and both sides still refuse to work together. Mitt is not going to be able to get any more done than Obama and for the same reasons. If you want REAL change, start voting for people who care more about the country than their party and understand that politics is not getting everything you want; it’s about getting what you need.
If only we had listened to George Washington,
However [political parties] may now and then answer popular ends, they are likely in the course of time and things, to become potent engines, by which cunning, ambitious, and unprincipled men will be enabled to subvert the power of the people and to usurp for themselves the reins of government, destroying afterwards the very engines which have lifted them to unjust dominion.
GEORGE WASHINGTON, Farewell Address, Sep. 17, 1796

Romney plan hurts middle class?
http://www.cnn.com/video/#/video/bestoftv/2012/08/01/exp-erin-deconstruct-romney-plan-study.cnn?iref=allsearch

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