President Obama made it the centerpiece of his re-election campaign to promise the middle class tax breaks while sticking it to the rich and powerful.
So what did he do? Rather than negotiating with a new and more compliant Congress, he allowed the 2 percent payroll tax cut to expire, something that negatively impacts 77 percent of all households by curbing their spending power and thereby dampening the anemic recovery.
At the same time, for his Wall Street pals he very accommodatingly made the Bush-era tax cuts permanent for couples making less than $450,000. The top tax bracket jumped a measly 4.6 percent, mere pocket change for the superrich, and he also allowed the estate tax exemption to rise to $5 million dollars. Of course, there were no cuts in defense spending.
Could Mitt Romney have done better?
Thanks, Mr. President! What a way to support the middle class!