Speaker of the U.S. House of Representatives John Boehner (R-OH) has made clear that he opposes tax hikes on Americans. Tax hikes would slow the economy even more and kill jobs. But some “titans of finance” want Congress to hike your taxes.
Lloyd Blankfein of Goldman Sachs uttered to Politico the code words for hike-their-taxes: “It will require some political sacrifice on both sides.” Jamie Dimon of JP Morgan Chase said similarly that “[e]ither a President Obama or Romney will have to deal with this and reach some kind of agreement.”
Higher taxes would mean less saving, less investment, and fewer jobs. Wake up, Wall Streeters — America needs more jobs, not fewer. With more than 12 million Americans out of work, the job-killing policy prescriptions of the Wall Street leaders make little sense.
Elected leaders should continue to listen to the voices of the voters. A majority of the voters want less federal spending, not more, and lower federal taxes, not higher. Fatalists sell American democracy short when they say that tax hikes are inevitable to get the federal government financial mess under control.
Without raising taxes — repeat, without raising taxes — America can drive down federal spending, including by fixing entitlement programs, toward a balanced budget, while maintaining a strong national defense. The Heritage Foundation has proved that it can be done — with Saving the American Dream: The Heritage Plan to Fix the Debt, Cut Spending, and Restore Prosperity.
America to Goldman Sachs and JP Morgan Chase: Tax hikes are bad for the economy and for jobs. Please stop plotting tax hikes.
