Republicans Falsely Claim Obama Seeks Biggest Tax Hike In History

When Republicans call Obama’s plan the biggest tax increase in history, they’re using a “current policy baseline.” In other words, they assume today’s tax rates are fixed, and complain that Obama’s plan would raise revenue thereupon by quite a bit — $1.57 trillion over 10 years. By this measure, as a percentage of GDP, Obama’s “tax hike” is smaller than Reagan’s 1982 Tax Equity and Fiscal Responsibility Act and the Revenue and Expenditure Control Act of 1968 but larger than Clinton’s 1993 tax increases and George H.W. Bush’s 1990 bill, as well as Reagan’s 1984 Deficit Reduction Act. - Brian Beutler

I know the GOP won’t want to hear this, but Ronaldus Magnus will almost certainly get to wear the crown of Biggest Tax Hiker for a very long while.

(Source: tpmdc.talkingpointsmemo.com)