April 1, 2009 11:51 AM | Permalink |
It would have been comical if the stakes were not so high. Allies of former President Bush, who cut taxes on the wealthy investor class in 2001, 2002, 2003, 2004 and 2006, argued that the only way to improve our economy was to… cut taxes for the wealthy investor class. Even before Barack Obama took the oath of office in front of two million Americans on that cold, clear day in January, his opponents in Congress insisted that the problem was not collapsing consumer demand but America’s insufficient devotion to cutting taxes for investors. Given that such tax cuts had been in place for years under Bush and failed to prevent the worst economic collapse in decades, the argument demonstrated a certain shamelessness, or perhaps an honest, blinding monomania on the part of the lawmakers who are part of the anti-tax movement.