Leave it to President Obama. On September 8 he announced a $450 stimulus consisting of hundreds of millions of dollars in tax cuts. Then today he announced he wants a $1.5 trillion tax increase. The idea is that the economy needs a short-term boost to end the recession, but that longer-term the focus should be debt and deficit reduction. But as Ira Stoll observes, the plan also has the added political virtue for the president of giving voters a tax cut going into the 2012 election, while delaying any tax increase until after the election.
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