Obama's Tax Plan Is Straight Out Of Nottingham

Like every Democrat, Barack Obama is presenting his Prince John tax plan as if he were Robin Hood intending to steal from the rich to help the rest of America. The junior senator from Illinois promises to tax the rich to oblivion and “relieve the burden of the middle class.” Given recent comments you might be tempted to think that he was talking about relieving working families from their bitter burden of religion and gun ownership, but stay with me 'cause he was actually talking about their taxes. That's right. Like the pesky outlaw from Sherwood, Obama promises that “if you work hard, your work will be rewarded.” But unlike that green-clad archer, Barack Obama's reward for the working class looks like it's going to be an arrow in the back.

Barack Obama is charmingly dashing when he talks about taxes, but in the last debate with Hillary Clinton he revealed some frightening aspects of his plan. As pointed out on Larry Kudlow's blog,

During the debate, Obama bungled his answers on tax policy, big time. Period. End of sentence. End of story. To my liberal friends in the media, all I can say is: Get over it. Your guy has a very poor grasp of basic economic principles.

So how poor is Obama's grasp on basic economic principles? Try Friar-Tuck-at-a-kegger poor. To continue with Kudlow:

First off, you don’t raise taxes during a recession. That’s a no-brainer. Second, doubling the capital-gains tax rate will affect Americans up and down the income ladder, not just rich hedge-fund managers. In addition, capital-gains tax cuts are self-financing, and they stimulate jobs and the economy. You want to raise budget revenues and spark economic growth? Cut the cap-gains tax rate. That’s what history shows.

And that's not all. According to Larry's blog, the junior senator's assault on the middle class goes beyond hiking the capital-gains tax.

Obama also proposed uncapping the payroll tax, another blunder that will hit people up and down the income ladder . . . By eliminating that cap Obama will be soaking veteran firemen, cops, teachers, and health-service workers, along with a variety of other occupations.

Does this sound like Robin Hood? Hardly. But Prince John would be proud. Very proud.