SAME OLD BS, THIS TIME FROM STANFORD

In a WSJ opinion piece, Stanford professor of economics Michael Boskin repeats the tired argument that raising taxes will hurt what Fats Limbaugh calls "the producers."

Increasing the top tax rates on earnings to 39.6% and on capital gains and dividends to 20% will reduce incentives for our most productive citizens and small businesses to work, save and invest -- with effective rates higher still because of restrictions on itemized deductions and raising the Social Security cap. As every economics student learns, high marginal rates distort economic decisions, the damage from which rises with the square of the rates (doubling the rates quadruples the harm).

Obama is essentially restoring the tax rates that were in effect during the Clinton years and as we know, those were much more successful than even the St. Reagan years. Lowering the rates under the criminal Bush regime did not help the broader economy.