Politically, Obama also may find it harder to get any new tax hikes through Congress. He’s already boosted them twice on the so-called rich (the first was a $500 billion hike to pay for ObamaCare).
And he’s lost his best political leverage — the threat that taxes on the middle class would go up if he didn’t get his way — as soon as he agreed to make the Bush tax cuts permanent.
Even Democrats might be less enthusiastic about future tax hikes that will, by definition, have to reach further down the income scale, hitting an increasing number of their well-heeled urban constituents.
At the moment, none of that seems to matter to Obama, whose unquenchable thirst for higher taxes has finally been exposed.