I guess I’ve known this for a long time. If someone asks me Obama’s (and the Democrats) greatest failure, it’s this.
To put it differently, Democrats have, for the most part, admitted that Bush was right, and the Clinton-era tax rates were too high on most Americans. For all that Democrats talk about returning to the Clinton-era tax rates, they only ever mean for the top two percent of taxpayers — the folks who are now in the 35% bracket, but whom they would like to see in a 39.6% bracket.
The reality is that, on tax policy, Democrats are now closer to Bush than to Clinton. But neither side much likes to admit that. For Democrats, it means confessing to how far right they’ve moved on taxes. And for Republicans, it means admitting how far right Democrats have moved on taxes.