Michael Bloomberg: Raising taxes on the rich is "about as dumb a policy as I can think of."
New York mayor Michael Bloomberg, who endorsed President Barack Obama on Wednesday, announced on Oct. 8 his view that raising taxes on the rich was “about as dumb a policy as I can think of.”
President Obama has been vague on what he would do if given a second term, but he’s been loud and clear about one thing: His desire to raise the top two marginal income tax rates. Obama’s plan would raise taxes on one million small businesses.
Bloomberg’s statement was in reaction to New York mayoral candidates’ advocacy for higher taxes on upper earners. As quoted by Capital New York on Oct. 8:
"Well if you want to drive out the 1 percent of the people that pay roughly 50 percent of the taxes, or the 10 percent of the people that pay 70-odd percent of the taxes, that's as good a strategy as I know," he responded. "That's exactly the ways to do it, and then our revenue would go away, and we wouldn't be able to have cops to keep us safe, firefighters to rescue us, teachers to educate our kids."
According to the Oct. 13 New York Post Bloomberg also said:
“You saw in France people moving out when they raised the tax rates. Whether you like it or not, the wealthy are mobile.”
Unfortunately for small business owners and their employees, President Obama disagrees.
According to the IRS, most small business profits face taxation in households making more than $200,000 per year. The Obama-Biden plan will raise taxes on a majority of small business profits and hit those companies which employ a majority of Americans who work for small businesses.
Even a Big Gulp-banning, gun-grabbing mayor can understand that, Mr. President.
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