Quick–who said this:
The Congress might well consider whether the higher rates of income and profits tax can in peacetimes be effectively productive of revenue, and whether they may not, on the contrary, be destructive of business activity and productive of waste and inefficiency. There is a point at which in peace times high rates of income and profits taxes destroy energy, remove the incentive to new enterprise, encourage extravagant expenditures and produce industrial stagnation with consequent unemployment and other attendant evils.”
Another one of those supply-side nuts, like Reagan and Churchill?
Nope. It was President Woodrow Wilson, in his annual message to Congress in 1919. Obama is in many ways an epigone of Wilson, except on this point.