Back to the Future, Tax-Wise

Obama’s top economic advisers have an op-ed in the WSJ laying out their guy’s tax plan. Interesting point of emphasis is to peg many of its provisions to the Clinton era’s tax structure. That’s a good move, strategically, as it sets up the question, “Are you better off now than you were eight years ago?” A lot of the voters Obama’s targeting will say no, particularly if inflation continues to spike. The Bush tax cut and the deficits it caused were the first triggers for inflation, followed in no particular order by loose interest rates, rising global demand for energy and materials, and uncertainty in energy markets. And the idea that a return to Clinton tax policy would spike the economy refutes itself when one remembers that the late 1990s featured the best economy anyone of Obama’s age has ever worked in.

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