President Obama and Carney have it exactly backwards. Raising taxes on “the rich” is bad policy because it is bad for the economy. Raising the top two income tax rates, as President Obama wants to do, would raise taxes on small businesses that are key job creators. Higher taxes would deprive their owners of resources they need to invest to create more jobs. Higher rates would reduce their incentives to invest the resources they have left because the return on that investment would fall.

As for our fiscal picture, the President’s own budget says that his tax rates on the rich will raise $32 billion next year while the deficit will remain close to $1 trillion. And, of course, the best way to close the deficit is through stronger economic growth, which President Obama’s tax increase would inhibit.

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