Calling it what it is

“What [Obama calls] tax reductions in this bill are really transfer payments, particularly redistribution of income from the rich to the poor. The economy did very well [after the Bush] tax cuts of 2003. Obama has blamed [the Bush tax cuts] for part of the current financial collapse. There’s really no linkage between the tax cuts of 2003 and the financial and housing collapse we’ve seen in recent months. Abolishing the corporate income tax at the federal level I think would be very positive. It’s a very poor form of taxation. I would make permanent the kinds of changes that were in the 2003 tax reform, including the marginal tax rate structure.” –Harvard Economist Robert Barro on Obama’s “terrible piece of legislation”
[Emphasis added. –R]