Don't spend the Obama tax cut just yet

William McGurn, writing in The Wall Street Journal, cautions American taxpayers from getting too excited about the Barack Obama "middle-class tax cut."

It wasn't too long ago that another Democratic politician promised to cut taxes if you elect him, but when Bill Clinton took office, he raised taxes for most Americans.

From McGurn's column:

In an October presidential debate, then-Gov. Clinton laid out the marginal-rate increase he wanted and some of his plans for the revenue that would be brought in. He followed with a pledge:

"Now, I'll tell you this," he said. "I will not raise taxes on the middle class to pay for these programs. If the money does not come in there to pay for these programs, we will cut other government spending, or we will slow down the phase-in of the programs."

Mr. Clinton, of course, won that election. And as the inauguration approached, he began backtracking from his promise. At a Jan. 14, 1993, press conference in New Hampshire, he claimed that it was the media that had played up a middle-class tax cut, not him. A month later, he announced his actual plan before a joint session of Congress.

On page one of the New York Times, the paper described the fate of the middle-class tax cut this way: "Families earning as little as $20,000 a year -- members of the 'forgotten middle class' whose taxes he promised during his campaign to cut -- will also be asked to send more dollars to Washington under the President's plan."

In some ways, we are today reliving the campaign of 1992. As in 1992, the Democrat is promising a middle-class tax cut. As in 1992, the Democrat is hammering the Republican as a tool of the rich. And as in 1992, the Republican doesn't seem to have an answer.

Read the full column at the newspaper's Web site.