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Republicans find themselves in the unenviable position of being forced to agree to raise taxes on those earning more than $200,000 (the actual cut off for those Mr. Obama refers to as "millionaires and billionaires"), or risk being blamed for a tax increase on all taxpaying Americans. They will probably agree, which means it's a politically unavoidable policy, not a good policy.
Why does Obama insist upon raising taxes? Not because he believes it will improve the economy, and not because he believes it will increase receipts to the Treasury. The proposed taxes would bring in about $80 billion a...
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