I wish I could say that it was DOA (it's not), but Obama's proposed budget sure is a loser. More from Professor Jacobson:
"Raising tax rates on high income earners is the key to the Obama way, both during the campaign and in his latest budget and tax proposals. Taxing the wealthy, or rather, taxing those making over $250k a year, is the gospel according to Obama.
Obama is raising taxes on people making over $250k by over $1 trillion (yes, with a "t") over ten years.
Those with the power to tax never learn from history. I've written about the "revolt of the kulaks" phenomenon in which the producers of society would rather not produce than be subjected to confiscatory taxation. A related phenomenon is tax avoidance, in which people structure their lives so as so avoid creating taxable income (for example, purchasing municipal bonds rather than corporate bonds)
Whether it is a revolt of the kulaks, or mere tax avoidance, there is economic distortion from high rates of taxation."
There is only one way to stop this nonsense: please hurry November 2010, before Obama damages this economy beyond repair.