As Paul Krugman sees it.
Now, this is only for the specifics Romney has announced; he claims that he will make up for the large revenue losses under his plan (Obama gains revenue) by closing loopholes. But he refuses to say which, and the clear reality is that heâ€™s talking through his hat. Meanwhile, Romney also proposes severe cuts in Medicaid, and his party wants big cuts in other safety-net programs.
So like it or not, we have an election in which one candidate is proposing a redistribution from the top â€” which is currently paying lower taxes than it has in 80 years â€” downward, mainly to lower-income workers, while the other is proposing a large redistribution from the poor and the middle class to the top.
So the next time someone tut-tuts about â€œclass warfareâ€, remember that the class war is already happening, in real policy â€” with the top .01 percent on offense.