Obama's Obsession with the One Percent

On January 8 in "Stories behind the tax cuts," Kansas City Star columnist Dave Helling began his commentary thus: Pop quiz: Who's the bigger tax cutter, Barack Obama or Ronald Reagan? Answer: Obama. The fiscal cliff agreement, signed early this year, cuts expected federal income tax revenue by about $1.8 trillion over the next five years, while the famous supply-side Reagan tax cuts in 1981 cost the government about $1.5 trillion, in inflation-adjusted cash, over their first five years. In a better world, Republicans would understand this and claim their fiscal cliff victory. Had a Republican president passed such a dramatic federal income tax reduction, he or she would be considered a supply-side saint, not a budget-busting socialist. Regardless of whether or not Obama is a socialist, there can be no question that he is a "budget-buster." But there are several other things to look at here. First, Helling compares a projection with an historical fact. That hardly seems fair. We know...(Read Full Article)