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Paul Krugman: Policy and the Personal

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At www.nytimes.com

The story so far: Former President George W. Bush pushed through big tax cuts heavily tilted toward the highest incomes. As a result, taxes on the very rich are currently the lowest they've been in 80 years. President Obama proposes letting those high-end Bush tax cuts expire; Mr. Romney, on the other hand, proposes big further tax cuts for the wealthy. Romney's tax cuts would increase the annual deficit by almost $500 billion. He claims that he would make this up by closing loopholes, in a way that wouldn't shift the tax burden toward the middle class -- but he has refused to give any specifics, and there's no reason to believe him.

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At www.nytimes.com

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