- Al Sharpton, Trayvon Martin’s parents rally against Fla. ‘stand your ground’ law
- Hillary Clinton campaign got illicit funds from D.C. scandal figure
- Obama administration backs off plan to cut prescription-drug program
- Tickets linked to stolen passports purchased by Iranian middleman
- More than 3,500 police planned for Boston Marathon
- Ottawa day care suspends 2-year-old for ‘outside’ cheese sandwich
- Liam Neeson tells NYC mayor to ‘man up’ in horse carriage fight
- Real-life Dr. Doolittle to reveal how to talk to animals
- Climate change could bring back smallpox, researchers say
- Shoe-bomb witness to speak from London at N.Y. trial
LAMBRO: A second-term second chance
Tax reform could save the Obama presidency
What Mr. Camp is shooting for is a historic overhaul of tax rates that would shrink them to two brackets, with the top rate falling to 25 percent.
Meantime, the president is seen as virtually out to lunch on this looming legislative issue and its purpose. He hasn’t got a clue.Whenever Mr. Obama raises the issue, which is infrequently, he usually talks of reform in terms of raising more tax revenue, not about also lowering the rates to unlock trillions of dollars in venture capital that would put America back to work.
The liberal base of the Democratic Party doesn’t want to hear about cutting tax rates, only about raising them on the rich. Mr. Obama remained true to this class-driven cause in his first four years, but could he change his tune in his second term?
President Clinton played the tax-the-rich card in his first term with increases that pushed the top rate to nearly 40 percent. After he won re-election, he signed the Republicans’ “make them work” welfare-reform bill and the GOP’s pro-growth capital-gains-tax cut, which pushed his second-term economy into overdrive.
Mr. Obama is presiding over a second-term economy that is slowing down, again. Durable-goods orders plunged 5.7 percent in March. Consumer spending slowed to a snail’s pace 0.2 percent. Economic growth averaged 1.4 percent during the past six months.
If the slowdown continues, Mr. Obama may begin looking for something to rescue his presidency from a weak economic legacy. Mr. Baucus and Mr. Camp are preparing to offer him a long-proven, bipartisan tax-rate reduction remedy. Does he have enough common sense he to take it?
Donald Lambro is a syndicated columnist and contributor to The Washington Times.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
TWT Video Picks
By David Keene
Conference showed that the values Reagan cherished still endure
Get Breaking Alerts
- Hillary Clinton campaign received funds from Jeffrey Thompson
- FCC targets black conservative in TV station fight
- Kim Jong-un calls for execution of 33 Christians
- Senate Democrats, Republicans spar over restoring unemployment benefits
- Unanimous Senate passes bill on military sex assault to give victims more say in prosecution
- Atheists sue to remove 'Ground Zero Cross' from 9/11 museum
- Sharyl Attkisson resigns from CBS after months of talks
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- DHS accused of holding U.S. citizen at airport, using emails to pry into her sex life
- George Zimmerman signs autographs at Orlando gun show
- EDITORIAL: Senate Democrats’ pointless all-night global warming talkathon
- EDITORIAL: Enforce the Law Act aims to hold Obama accountable
- EDITORIAL: Relief from 'homeowners association nightmares'
- EDITORIAL: Lawyers encouraging pursuit of jackpot justice
- EDITORIAL: As jobs vanish, Obama wants more of same