At a time of 9.6% unemployment, and with nearly 30 million people either unemployed or unable to find full-time work, letting taxes rise on the job-creators is plain foolish. And it could quite easily push the economy into a second deep downturn.

IBD Editorials

EXCERPTS:

Unfortunately, Obama seems imprisoned by his party’s enduring myth that the top earners in our economy somehow get off scot-free without paying taxes while the rest of us pay big time. This is nonsense — easily disprovable by a quick look at the IRS’ own income-tax statistics. They show that the very highest incomes — the top 3% — pay more of the total income tax bill today than ever.

But this isn’t just about giving rich people a tax cut, as Obama’s party claims; it’s about jobs and small businesses at a time when America needs both.

As such, a tax hike on the wealthy at this sensitive juncture in the economy’s recovery would be damaging, killing off new business formation and encouraging small-business owners who often operate on a slender profit margin to lay off even more workers.

Obama gets a lot of traction by claiming he “inherited” a bad economy. But if he creates a new job-killing tax on small businesses and entrepreneurs, the next recession will be his and his alone.

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