Michael Tanner: Obama Is No ClintonRoundup: Media's Take
Michael Tanner is a senior fellow at the Cato Institute and author of Leviathan on the Right: How Big-Government Conservatism Brought Down the Republican Revolution.
Lately President Obama has done everything except seduce an intern in his attempt to morph into Bill Clinton. In virtually every speech, he invokes Clinton’s name, trying to link his policies with those of the popular former president. He has even called upon Clinton to place Obama’s name in nomination at the Democratic National Convention.
But, try as he might, Barack Obama, is no Bill Clinton.
President Obama says that he wants to raise taxes back to the level they were under Clinton, but that’s not quite true. Under President Obama’s proposal, the top tax bracket would be raised to 39.6 percent. The president has also called for phasing out high-income taxpayers’ itemized deductions, adding another 1.2 percentage points to the effective tax rate, bringing it to 40.8 percent. Add in the 2.9 percent Medicare tax and the top marginal rate would be 43.7 percent, roughly equal to what it was during the Clinton years. But Obamacare would increase the Medicare tax for high-wage earners to 3.8 percent, pushing the top marginal tax rate under the Obama plan to 44.6 percent, nearly a full point higher than it was under Clinton.
The same is true for capital-gains taxes, interest, and other investment income...
comments powered by Disqus
- Bozeman schools prefer kids in class on MLK Day
- Universities across the country are facing up to their past association with slavery
- Trump Budget Proposes Devastating Cuts to Federal History, Archival & Education Programs
- Alabama governor signs law giving thousands of felons their right to vote back
- Jerusalem Post recalls history of the Six-Day War
- Historian David Kaiser says the most exciting day of his life was JFK’s election
- Michael Bliss, Historian Who Dispelled Myths of Insulin’s Discovery, Dies at 76
- Jill Lepore: Americans Aren't Just Divided Politically, They're Divided Over History Too
- AHA joins protest of Trump’s plan for drastic cuts to the NEH
- Diane Ravitch says the Democrats paved the way for the education secretary's efforts to privatize our public schools