Obama Tax Proposals (Mostly) Bad News

J.D. Foster / February 26, 2009

President Obama’s budget document lacks the details necessary to judge fully his tax proposals. What we have are proposed streams of revenues over 10 years and short tag lines describing the proposals. A full assessment of his tax program will therefore have to wait. The initial impression, however, is that the President intends to carry through on his campaign promises to sacrifice future economic growth at the altars of redistributionism and nationalized health care.

For all liberals’ posturing in recent years, including by President Obama, about the irresponsible Bush tax cuts of 2001 and 2003, perhaps the least surprising aspect of the his tax proposals is that he would keep almost all of Bush’s policies. Consequently, on this count the President is protecting most Americans from a $2.7 trillion tax hike. To paraphrase a line that once described Hollywood – behind all that apparent phony posturing was some real posturing. (more…)