Time was, if you recall — as columnist Mona Charen did recently — that Democrats vilified George W. Bush’s across-the-board reductions as tax cuts solely for “the rich.” Now, they’re defending the across-the-board nature of these cuts as they seek to raise taxes on the “top 2 percent.”
This is sheer demagoguery, and cowed Republicans, for the most part, have not argued for the wisdom and efficacy of tax reduction.
Economist Steve Moore is an exception. Countering Mr. Obama’s claim that “the rich” do not pay their “fair share,” he notes that the top 5 percent of American taxpayers fork over 61 percent of all income taxes despite amassing but 37 percent of all national income.
This truth and the lessons of history cannot be repeated enough. Tax cuts boost the economy and swell the nation’s coffers. They do not cause recessions, as Mr. Obama avers.
As Miss Charen wrote, “The problem [Mr. Obama] conjured — the rich getting richer at the expense of everyone else — was a crude fiction. It’s the kind of class-warfare appeal that has worked all over the globe. We used to be an exception. No more.”