PAUL RYAN: REPUBLICANS Accuse OBAMA Of Waging ‘CLASS WARFARE’ With MILLIONAIRE TAX Plan | Fox News
Published September 18, 2011
House Budget Committee Chairman Rep. Paul Ryan, center, joined by House Speaker John Boehner, right, and Rep. Cathy McMorris Rodgers gestures during a news conference on Capitol Hill Aug. 1.
A top House Republican accused President Obama of appealing to Americans’ “fear, envy and anxiety” by pushing a new tax rate on people making more than $1 million annually, saying the “class warfare path” will only hurt the economy.
“Class warfare … may make for really good politics, but it makes for rotten economics,” Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee, told “Fox News Sunday.”
The president is planning on proposing the new and higher rate as part of a broader long-term deficit-reduction plan he’s unveiling Monday. It will likely include a mix of entitlement reform and new revenue, and will be aimed at the bipartisan “super committee” trying to find about $1.5 trillion in deficit reduction over the next decade.
But Ryan said the millionaire tax provision will undermine economic growth.
“If you tax something more, you get less of it,” Ryan said. “If you tax job creators more, you get less job creation. If you tax their investment more, you get less investment.”
Senate Republican Leader Mitch McConnell, speaking on NBC’s “Meet the Press,” also expressed concern that the increase would stifle the economy.