Obama Backtracking on Tax Increases

By: SW

In today's Wall Street Journal there is an editorial piece titled "Obama Tax 3.0" which begins with these words:

The good news is that Barack Obama said
on ABC Sunday that he might not go
through with his plans to increase taxes.

The bad news is that the economy has to be
mired in recession to avoid the
largest tax increase in the nation's
history.

Obama may be changing his position the third or fourth time, but he is still holding onto his position of "taxing the rich" by increasing long term capital gain tax rate from the current 15% to 28%, and doing away with the $250,000 capital gain exclusion on the sale of homes. The latter was not approved by a Republican president who is bent on "enriching the wealthy", but by none other than Bill Clinton in May 1997.