Obama: ‘You Can’t Have a Modern Industrial Economy’ with Lower Taxes

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If taxes consumed less of America’s wealth, as some Republicans would like, it would not be possible to have a “modern industrial economy,” President Obama said during a town hall event in Mountain View, Calif. on Monday.

A member of the audience asked whether he could pay more in taxes, adding that he had been helped by federal Pell grants and infrastructure and job training programs that allowed him to be successful.

“Right now, we’ve got the lowest tax rates we’ve had since the 1950s,” Obama said during a lengthy reply.

“And some of the Republican proposals would take it back–as a percentage of GDP–back to where we were back in the 1920s,” he added. “You can’t have a modern industrial economy like that.”

Source: CNS News

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