Banking chairman blasts Obama tax plan

645X363 - No Companion - Full Sharing - Additional videos are suggested - Policy/Regulation/Blogs

Senate Banking Committee Chairman Richard Shelby (R-Ala.) on Sunday blasted President Obama’s tax proposal, calling it an “attack on the middle class.”


“I wasn’t surprised because he has been proposing taxes and big government since he’s been president,” he said. “I think you’re going to see more and more of that.”

“We've heard them before. Most of them don't work. I don't believe they're going anywhere," Shelby said.

The Alabama Republican said the president was “real defiant” in his State of the Union address last Tuesday.

“I believe instead of helping the middle class, he’s attacking the middle class,” he said, pointing to raising the tax on capital gains and taxing college saving plans.

"This is an attack on the middle class. It's not helping the middle class. Most of the middle class want to be left alone, they want to not have to be overtaxed and over-regulated. He's doing quite the opposite," Shelby said. “He’s doing quite the opposite.”

"The president is saying one thing and doing another. I think most people will see through that. I know the Republican Senate and House will," Shelby added.