U.S. Sen. David Vitter today made the following statement after President Obama's announcement to increase taxes. At a press conference today, President Obama announced his plan to let some of the 2001 and 2003 tax cuts expire, resulting in a $850 billion tax increase.
"This would be the single biggest tax increase in U.S. history -- $850 billion -- with much of that on the backs of small businesses which pay through the individual rate. Obama said we shouldn't do that in late 2010 because the economy was so weak -- yet growth is weaker now than then -- 2 percent compared to 3.2 percent. It also seems clear all those in the middle class can count on a tax increase if Obama is reelected with his limited one year reprieve."