Wisconsin's junior senator says that President Obama's plan to increase taxes on the nation's highest wage earners is a mistake in the effort to jump-start the nation's slow economy.

"I know it sounds good, but it has very harmful economic consequences," said Republican Senator Ron Johnson on Newsradio 620 WTMJ's "Wisconsin's Morning News" about the plan released in Mr. Obama's State of the Union speech.

"The number one solution to solving our debt and deficit issues and get our economy growing is economic growth.  We can't do anything that harms economic growth."

Johnson cited parts of Mr. Obama's tax plan that he claimed would hurt the ability of job creators to grow their businesses and stimulate growth.

"20 years ago, the top 1% paid about 25% of the total income tax burden.  Last year, they paid 37%.  It's easy to say what's fair, but the fact of the matter is, if you start targeting the top 1%, 80% of the tax returns that show income of more than $1 million report small business income," said Johnson. 

"When you are increasing taxes on that top 1%, you are increasing taxes on the people we will have to rely on to create jobs.  I know it sounds good.  Everybody wants things to be fair.  But the top 1% pay an effective tax rate of about 25%.  When you add in state and local taxes, we really are approaching 50%.  When Obamacare kicks in, we'll probably be over 50%.  50 cents of every dollar that job creators make will be taxed.  You have to take a look at that as taking money out of job creators' ability to expand their businesses, to hire people, to increase wages, to invest in 401k's and health insurance."

Johnson also said of the President's State of the Union speech that it's more important to look at what Mr. Obama has done in the job.

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