Audacity of Hope

The House health care bill would increase the number of income tax brackets to "a post-1986 high of nine," reports James Pethokoukis of Reuters, who quotes Barack Obama's "Audacity Of Hope" book: "The high marginal tax rates that existed when Reagan took office may not have curbed incentives to work or invest, but they did distort investment decisions — and did lead to the wasteful industry of setting up tax shelters."