During the 2008 campaign, Barack Obama famously pledged not to raise taxes on individuals making less than $200,000 or families making less than $250,000. With this pledge, he offered over 95% of the electorate something for nothing: you’ll get expanded government services, and somebody else will pay for it. The pitch worked, and he became the first winning presidential candidate in a generation whose platform explicitly contained tax hikes. Unfortunately for those who bought in, massive federal deficits will make it impossible for Obama to keep his promise.The Office of Management and…
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