
OBAMA     V. NEW YORK       
     September     19, 2008 -- 
     A good rule of thumb: Whenever a Democrat     starts talking patriotism, reach for your wallet. 
     Case in point: Joe Biden. 
     The Democratic vice presidential nominee     went into a flag-waving fury yesterday when asked how upper-income earners     should react to his ticket's soak-the-rich tax plan. 
     "It's time to be patriotic," he     said. "It's time to jump in; it's time to be part of the deal; it's     time to get America     out of the rut." 
     That's pure nonsense, of course - and not     just because it comes from a pol who has "jumped in" by donating     less than $400 a year (little more than one-tenth     of one percent of his family income) to charity over the past     decade. 
     After all, reasonable Americans can disagree     about marginal tax rates without impugning each other's love of country. 
     Or, one wonders, will Americans be free to     question the patriotism of President Barack Obama and     Vice President Biden when their     tax plan throws the country even deeper into economic crisis? 
     Sad to say, that's no idle speculation. 
     Just look at New York. 
     Obama's tax plan would impose new dividend     and capital-gains taxes and repeal the Bush-era income-tax cuts on all     Americans earning more than $250,000 a year. The local effect of those tax     hikes is the subject of a study released this week by the Manhattan     Institute's Empire      Center. 
     It's not a pretty picture. 
     Obama's tax plan, the study found, would     cost New Yorkers fully $16 billion a year - billions more than residents     would get back through expanded tax credits. 
     It's not hard to see why. Obama's plan takes     direct aim at Wall Street - the one section of the economy that can least afford it right now. 
     And the pain doesn't just fall on high-paid     brokers (and the jobs they support), either. The dividend and capital-gains     hikes are sure to send investment dollars fleeing into tax shelters,     further choking the sputtering engines of finance. 
     Meanwhile, the study estimates, lost income     from Obama's tax hikes would sap $1 billion a year from state tax coffers - and up to $285     million from the city. 
     Which means higher taxes for everyone. 
     What's so patriotic about that? 
     Obama and Biden, of course, are free to     discuss their tax plan on its (dubious) merits. 
     But they'd do well to end the scolding game     about its supposedly All-American virtue. It'd be offensive if it weren't     so ridiculous. 
     No, wait: It's offensive anyway.