Promoted - Paul Krugman says Obama's tax policy would push some tax rates "back to the levels of the 1970s." I do hope Obama runs on that message. - Jon Henke
John McCain may not be the world's best communicator, but his decision to portray Barack Obama's campaign as "Jimmy Carter's second term" is dead on. Tax policy is just one of the areas where Obama is a dead ringer for the peanut farmer from Georgia.
Combining Obama’s promise to end the Bush tax cuts with his promise to uncap the Social Security payroll tax for those making more than $250,000, the Tax Policy Center notes that Obama would create a top marginal rate of almost 60%. The top rate would exceed two-thirds and could even approach seventy percent for citizens who work in high tax state and localities like New York City or some parts of California.
Commenting on Obama’s tax raising plans, Paul Krugman writes: “it would push tax rates on some high-income Americans back to the levels of the 1970s.” For those of you unfamiliar with Krugman, he meant that as a compliment.