Lots And Lots

How much does Barack Obama want to raise taxes? This provides a guide:

When it comes to taxes, the difference between Barack Obama and John McCain is arguably as wide as it’s been in a presidential race since Ronald Reagan and Walter Mondale battled in 1984. Sen. Obama is proposing to raise taxes more than any recent candidate, while Sen. McCain wants to cut them substantially. Most of the campaign debate has been over whose taxes would be raised, and whose cut.

What does it all add up to?

Taken together, these add up to about a 10-percentage-point hike in marginal tax rates for those making more than $250,000 a year, including millions of small businesses that pay taxes at individual rates. The “marginal” rate refers to the rate paid on the next dollar of income, and it has an especially strong influence on decisions to work and invest.

This ignores hints of more tax hikes to come, which Charlie Rangel and Barney Frank have suggested. And it assumes that Obama won’t look at his $4.3 trillion in new spending plans and conclude he needs to go further down the income ladder to scrape for more revenue.

When you go step by step, it strikes you how substantial the tax hikes may be. It seems incomprehensible that, in the midst of a worsening recession, Obama would still be advocating what amounts to throwing the economic car into reverse. What’s the point of all that Fed-created liquidity if you are going to suck millions and millions of dollars back out of the private sector? But that’s what Obama says he wants to do: raise taxes — lots and lots.