Which Presidential Candidate Has the Best Plan to Get America Working Again?
Two former chairmen of the White House Council of Economic Advisers joined Fox News Sunday to focus on the biggest issue affecting Americans -- jobs. Chris Wallace asked Glenn Hubbard, a senior adviser to the Romney campaign, why cutting taxes is good and raising taxes on the wealthy is bad. Hubbard answered, “First of all, what Governor Romney is proposing is an across the board cut in marginal tax rates for households, every household in America by 20 percent, and we’ll have to broaden the base to pay for that.”
He said that while one can debate the fairness argument, he "can't imagine an argument that says that raising marginal tax rates on high income people, many of whom are business owners, is a recipe for economic growth.”
Obama supporter, Austan Goolsbee, responded that President Obama cut taxes for 95 percent of America and added, “I do not believe that having the rates go back to where they were in the nineties will have any negative impact that is significant on the economy.”
He went on to say, “You can use the money for things that are important like cutting taxes for businesses that hire people, rather than cutting taxes on the estates of billionaires or cutting taxes for Mitt Romney’s horse, which counts as a business under their small business definition.”