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President Obama has repeatedly proposed higher taxes as a means to ameliorate the country’s unsustainable budget deficits. Higher tax revenues, he has argued, will help the federal government pay down the national debt.
“We can’t afford [low tax rates for wealthy Americans] when we’re running these big deficits,” Obama said in September 2011, upon unveiling his deficit reduction proposal. “We can’t just cut our way out of this hole.”
The president’s recently proposed budget for fiscal year 2013—the most expensive in United States history—reflects this position.
President Obama has repeatedly proposed higher taxes as a means to ameliorate the country’s unsustainable budget deficits. Higher tax revenues, he has argued, will help the federal government pay down the national debt.
“We can’t afford [low tax rates for wealthy Americans] when we’re running these big deficits,” Obama said in September 2011, upon unveiling his deficit reduction proposal. “We can’t just cut our way out of this hole.”
The president’s recently proposed budget for fiscal year 2013—the most expensive in United States history—reflects this position.
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