Such is Clive Crook’s assessment of President Obama’s deficit speech today. About Obama’s treatment of the Bush-era tax rates, Crook writes:
He is still proposing an increase, not a decrease, in marginal rates on high incomes combined with restricted tax expenditures for those at the top of the income distribution–that is to say, two rounds of increases in high-income tax rates. The rich can pay for it all. That is Obama’s tax policy.
Demagogically demanding tax hikes for “the rich” without proposing any plausible debt reduction plan is class warfare. It’s old and tired.