[Ed. – Just think: If it weren’t for Obama, you might people in the U.S. living in tent cities. Oh, wait…]
In his New York Times column Monday, Paul Krugman made what he claimed was an “obvious” point — that elections have consequences — but used the publication of the 2013 IRS tax tables as way to make that point concretely.
“If Mitt Romney had won,” Krugman argued, the tax rate for the top 1 percent and top 0.01 percent wouldn’t have gone up by 4 and 6.5 percent respectively. “[F]or top incomes, Mr. Obama has effectively rolled back not just the Bush tax cuts but Ronald Reagan’s as well.”
These higher rates generate approximately $70 billion a year in revenue, which is “in the same ballpark as both food stamps and budget office estimates of this year’s net outlays on Obamacare.”