I was not a fan of Barack Obama in the 2008 primaries. Frankly I didn't like any of the Democratic front-runners, but I thought he was naive. If you think this is just an example of 20-20 hindsight, see my February 28, 2008 column called, "Just What Do We Mean By Change?"
But I never dreamed he would be such a weak president. What an immense disappointment, and this latest "compromise" on the Bush tax cuts is just plain disgusting. Ezra Klein has posted an excellent chart that makes the difference between the Democratic and Republican plans clear.
Klein writes, "The term 'tax cuts for the middle class,' which Democrats like to use, has misled. As you can see from the left side of the chart, the 'tax cuts for the middle class' also cut taxes on the rich. A family that makes $750,000 a year would pay lower taxes on the first $250,000 of their income. The question has never been whether only middle-class workers should get a tax cut. It's how much income the tax cut should cover."
The two plans give almost identical tax cuts for all income groups, until you get to the last two groups with the highest income. Under the Democratic plan, people in the highest categories-- $500,000 to $1 million, and over $1 million--would all receive a tax cut of around $6,700.
But the Republican plan would give those earning between $500,000 and $1 million a $17,400 tax cut, and a mind-boggling $103,800 tax cut to those earning over $1 million. And the Republicans say they care about the deficit--what an enormous con job they pulled on the American people this fall, the latest in a series.
And how pathetic is President Obama.