The Corner

Taxing Credibility

My friend and occasional sparring partner E. J. Dionne Jr. writes today, “Wall Street conservatives — well-represented on the financial cable shows and the Wall Street Journal’s editorial page — are arguing that the stock market is collapsing because Obama wants to institute a relatively modest set of tax increases on the wealthy, starting in 2011.

“But these voices supported lower taxes on the rich when the economy was bad, when the economy was good and when the economy was so-so. They have no credibility.” Didn’t Dionne favor higher taxes for these folks at every point over the last two decades? I don’t think that consistency is a mark against him, or the Journal.

Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.