One of the least convincing arguments about the tax deal is that it is the opening move in the President’s long game. Given that the Republicans control the House and are likely to do so for the remainder of his term, and further that the President just used his final electoral mandate for these tax increases, this is far more likely the high water mark. Frankly, it takes an ahistorical notion of time (like the type that leads some commenters here at Dailykos to insist that restoring a small portion of the Bush tax cuts to 2001 levels represents the “highest tax levels in decades”) to see President Obama’s deal as part of a long game.
This is not to say that I think President Obama has betrayed us or that he is anything but a decent man trying to navigate a very difficult situation. But rather, as I’ll discuss later in this post, this is a continuation of the short game the President has played at each of the fiscal confrontations that has marked his Presidency.
To see what playing the long game really looks like, take look at the trajectory of the top marginal tax rate since its apex following World War II (h/t VisualizingEconomics.) This chart is pre-final deal.
The top rates only reveal a small portion of the Republican long game to reverse the New Deal and redistribute wealth upward. (More below the fold)
Read More