President Obama unveiled a much different tax-reform vision in his much-anticipated debt speech on Wednesday. He would raise tax rates on upper-income earners and small businesses. He also would eliminate deductions and credits, or so called “tax expenditures.” The president referred to these tax-expenditure reductions as “spending cuts.” In his context, they most certainly are not. They are more tax hikes.
No one make it more clear than Kudlow. A lot has been said on Obama’s budget speech last week, but Kudlow’s take is important. He is a national treasure. Be sure to follow him on CNBC.