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Obamacare's Taxes Bad for Economic Growth

Thursday, 28 Jun 2012 | 12:43 PM ET
Obamacare supporters and protesters gather in front of the U.S. Supreme Court to find out the ruling on the Affordable Health Act June 28, 2012 in front of the U.S. Supreme Court in Washington, DC.
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Obamacare supporters and protesters gather in front of the U.S. Supreme Court to find out the ruling on the Affordable Health Act June 28, 2012 in front of the U.S. Supreme Court in Washington, DC.

Of course the stock market dropped about 130 points after the Supreme Court decision on Obamacare. Twenty new or higher taxes across the board are bad for economic growth, bad for job hiring, bad for investors, and bad for families.

A tax is a tax is a tax, according to Justice Roberts. But he forgot to say that if you tax something more, you get less of it.

Presumably Mitt Romney will make this case in a major way. Hopefully he won’t forget that Obamacare is not just a huge tax hike. It’s also a major new spending entitlement that’s already pegged at $2.5 trillion and will increase the federal debt burden much faster than the GDP expands.

In other words, tax, spend, regulate, borrow. The Obama mantra. Romney must go after it — time and time and time again.

Bankrupting the economy is not exactly a job-creator.

Tune in for a special edition of "The Kudlow Report" Thursday night at 7 p.m. ET.


Questions? Comments, send your emails to: lkudlow@kudlow.com

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  • Lawrence Kudlow is a CNBC senior contributor. Previously, Kudlow was anchor of CNBC's prime-time program "The Kudlow Report"