WSJ Economist: No Grounds for Obama's Tax on Wealthy

Wall Street Journal economics expert Stephen Moore tells Newsmax that there is “no case on economic grounds” to heed President Barack Obama’s call for higher taxes on wealthier Americans.

He says raising those rates would simply encourage wealthier taxpayers to hide their money and wouldn’t boost revenues as predicted by “the anti-Clinton” — President Obama.

And he warns that the expiration of the Bush-era tax cuts next year could cause a double-dip recession.

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Moore is a senior economics writer and editorial board member for The Wall Street Journal. He is the founder and former president of the Club for Growth and a best-selling author. He also wrote the cover story for Newsmax magazine’s October issue.

Moore’s new book is “Who's The Fairest of Them All: The Truth about Opportunity, Taxes and Wealth in America.”

In an exclusive interview with Newsmax TV, Moore was asked if Obama and the Democrats are advocating higher taxes on the wealthy to improve the economy or to win over middle-class voters.

“I don’t think anybody thinks that raising tax rates will improve the economy. At least I certainly hope no one does because the history is so unequivocal that that’s not the case,” Moore says.

Read more on Newsmax.com: WSJ Economist Moore: No Grounds Logic for Obama's Tax on Wealthy
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Via: Newsmax

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OBAMA TAKES DIG AT ROMNEY'S UPBRINGING

President Obama portrayed Mitt Romney on Tuesday as an out-of-touch elitist while pitching education reform in front of college students at a campaign event at Capital University in Columbus, Ohio.

Obama focused on a comment Romney made earlier this year in which he said if someone wants to go to college or start a business, he or she could just “borrow money if you have to from your parents.”

“When a high school student in Youngstown asked him what he would do to make college more affordable for families like his, Governor Romney didn’t say anything about grants or loan programs that are critical to millions of students to get a college education; nothing about work-study programs, or rising college tuition; he didn't say a word about community colleges, or how important higher education is to America’s economic future,” Obama said. “He said the best thing you can do is shop around.”

“That’s it — that’s his plan. That’s his answer to young people who are trying to figure out to go to college and make sure they don't have a mountain of debt — shop around and borrow money from your parents."

Taking a dig at Romney's wealthy upbringing, Obama added: “Not everybody has parents who have the money to lend."

Via: The Hill

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