Barack Obama has released the details of a fairly radical proposal to increase tax progressivity which he will make in his state of the union address.
The political impact will dwarf that of Chris Van Hollen’s proposal (which I am sad to say, has been quite dwarfish already). I am very enthusiastic about this. Even Romney is trying to sound populist. I am sure that politicians must have convincing evidence of a populist mood from polls and focus groups even aside from the public polls which, as always, show strong support for soaking the rich. I don’t see how Republicans can win this debate or even avoid debating with each other over whether Obama is a socialist class warrior or not a true economic populist like Republicans.
Matt Yglesias has an excellent (as usual) explainer at Vox. Basically the proposal is to increase the capital gains tax, close tax loopholes used by the rich, tax borrowing by huge banks and then use the proceeds to make permanent and expand various tax breaks for the non rich.Looks like populism is in.
Angry Bear
Obama’s Populist Tax Reform Proposal
Robert Waldmann
"A Faux Democrat's Faux Populist Tax Reform Proposal"
ReplyDeleteSnake Oil is in, as always.
Likely no chance to pass this. But make the other guy say no to what will be veryopular two years hence.
ReplyDelete