President Obama thinks that the salient issue of our time is the supposed failure of "the rich" to pay "their fair share" of federal income taxes. Mr. Obama must know that the practical revenue potential of his proposal is relatively trivial in terms of meeting budget deficits--and quite probably would lead to a decrease in revenue in the end because it will discourage investment.
But stop arguing with the President about this in the media and go straight to the floors of Congress.
The Republicans should call Mr. Obama's bluff by putting his idea up for a vote, and as soon as possible. It probably would not come to a floor vote in the Senate because the Democrats themselves won't allow it. But the House leadership could cause a vote there. Make it a straightforward vote and see how many Democrats actually will vote for the tax increase the President wants. Many know it's a bad idea and will vote no as a matter of conscience. Others know that they will get little credit from the electorate by voting yes, but meanwhile would irritate liberals with investment income. Since a large share of the rich people in America today are liberals, the political risks for a yes vote would be high.
Republicans, meanwhile, could use the vote as a teach-in on economics to explain to the public just how much a distraction the class warfare is. The vote also would show how divisive the President's proposal is, even among Democrats.
Be daring; call the bluff.
Leave a comment