The president repeatedly claims he wants to protect middle-class families, but new research shows President Obama's spending policies will eventually be paid for on the backs of middle-class Americans. According to an American Enterprise Institute study published this week not only does the president not have a plan to address our fiscal crisis, but his big government spending policies are making the problem much worse.
Researchers at the American Enterprise Institute found that in order to keep up with only the interest on the debt accumulated by President Obama, middle class families would have to pay $4,000 in higher taxes each year for the next 10 years. That is an extra $40,000 in taxes, in addition to the $50,000 that every man, woman, and child already owes to pay for our current debt. This is why, not one Democrat or Republican supported the president's budget.
Raising taxes on the wealthy is not a solution either. According to the latest IRS data, only 13 percent of taxpayers earn more than $100,000. And, even if we took every cent of income from every millionaire and billionaire, the total would only amount to 4 percent of our $16 trillion debt.
Rather than empty rhetoric and false promises about protecting the middle-class, I voted for a real solution that creates fairness and cuts spending. Comprehensive, pro-growth tax reform would raise incomes for everyone, save us billions of dollars, and create one million jobs. It would level the playing field for folks and it should be one of Congress's top priorities.