Rand Paul: Obama will back down on extending the Bush tax cuts

“Even if you said, ‘Oh, we’re only going to raise taxes on three percent of the people,’ those three percent are paying 50 percent of the taxes. So it’s a mistake to raise taxes on the job creators. We all work for people that are wealthier than us and it makes no sense to punish them because ultimately that punishes the middle class and the poor.

“And ultimately, some people may lose their job. This happened a couple of years ago when we decided to tax rich people and their yachts. The people who lost their jobs were the people who made the yachts, who made about $60,000 a year. So it just doesn’t work. It’s bad economics and it’s bad public policy.”