Obama Tax Cuts Caving Makes Zero Political Sense

How to turn a winning hand into a losing hand. According to a new CBS News poll, only 26 percent want the Bush tax cuts extended for those making $250,000 or more. 53 percent want the tax cuts extended for those making under $250,000-a-year. Instead, Obama is going to extend all the tax cuts.

Howard Fineman reports Republican find it hysterical that Obama is still obsessed with bipartisanship.

On the Hill yesterday, GOP aides privately could barely contain their contempt -- and their amusement -- at the president's declaration of a dawn of bipartisan optimism.

They know that Obama already in effect has conceded on a two- or three-year extension of all tax cuts, and they are going to insist on that before considering anything else -- which, in the end, they won't.

From a policy perspective: Obama can't be taken seriously extending all or any tax cuts and having his own deficit commission recommends reducing corporate income taxes from 35 percent to 28 percent. I have serious doubt about the deficit commission's plan actually reducing the deficit. Politically, if Obama attempts to enact the deficit commission's recommendations into law he will be unpopular on the Left and Right. The political instincts of Obama are staggeringly stupid.

CBSNewspoll Taxes 120210

Update: Obama hysterical proclaims there will be bipartisan compromise on the tax cut extensions.