In an April 25 Wall Street Journal op-ed, Glenn Hubbard, a former chair of President George W. Bush's Council of Economic Advisers and who is now an adviser to GOP presidential candidate Mitt Romney, claimed that the projections contained in President Obama's most recent budget would require an "across-the-board tax increase of 11% for taxpayers with incomes under $200,000" in order to cover the spending. From the op-ed:
Maintaining the president's higher spending will require raising taxes for all Americans. Assuming the president favors raising marginal tax rates over broadening the tax base (consistent with his failure to consider the tax proposals from Bowles-Simpson), an across-the-board tax increase of 11% for taxpayers with incomes under $200,000 would be required to raise the money the president proposes to spend.
But in an April 25 response to Hubbard's op-ed, Austan Goolsbee, a former chair of Obama's Council of Economic Advisers, explained how Hubbard's claim that Obama's budget would require tax increases on the middle class is "factually wrong"