Obama Out-Taxes Clinton

President Obama likes his Clinton nostalgia — he has told the American people his tax increases are a return to the policies of the booming Nineties. It is ironic, therefore, that Obama insists on actually reversing one of the most critical economic successes from the Clinton years: the capital-gains tax cut. Before Clinton signed the 1997 budget deal, the capital-gains rate was 28 percent, and with Clinton’s approval of the cut it fell to 20 percent; Obama now insists on raising it to 23.8 percent, undoing not just Bush’s capital-gains-tax cut but almost half of Clinton’s, too. Such a move would undermine the fragile economic recovery while being unlikely to raise any federal revenue.

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