Michael Tanner of the Cato Institute recaps last night’s State of the Union address.
The things Obama would do:
Junk sequester caps that have been largely responsible for reducing our estimated deficit from $1 trillion a year to a more manageable but still sizable $469 billion this year.
End the tax deductibility of earnings in the highly popular 529 College Plans, which allows families to save for their children’s educations rather than rely on government largesse.
Institute a massive tax hike on small businesses and capital investment, which would come on top of the nearly $2 trillion in tax increases during Obama’s first six years in office.
Riding the class-warfare horse, Barack Obama is selling this under the guise of making the rich pay their fair share, reducing inequality, and rewarding the middle class. But as Mr. Tanner notes, “…America already has one of the most progressive tax systems in the industrialized world, far more so than most countries in Europe, which rely heavily on regressive value-added taxes.”
Full State of the Union Speech: