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BARACK OBAMA, THE DEMOCRATIC PARTY'S PRESIDENTIAL standard-bearer, dropped a bombshell Sept. 7 during an interview with ABC's George Stephanopoulos -- and it had nothing to do with lipstick or pigs. Obama said for the first time that, if we remain in recession in January and he is the new president, he will not raise taxes. Instead, he will accelerate proposed tax cuts to low and middle-class wage earners through a "second stimulus package."

We don't know if Obama read our August 25 cover story, ("Dueling Visions"), which contrasted his tax proposals with those of John McCain, the GOP's presidential hopeful.

But it appears that he heeded our advice not to raise taxes during the worst financial crisis in 78 years.

We're not sure if Obama reads Barron's but his updated tax-cut and energy plans sound smarter.

His former plan to hike rates on the wealthiest Americans and raise capital gains and dividend taxes in 2009 would siphon job-creating capital out of the economy just when it needs that money the most.

We suggested that this plan would repeat the mistake Herbert Hoover made when he hiked marginal rates to 63% from 25% during the Great Depression. That took investment money and put it in the hands of Washington's bureaucrats, delaying the recovery.

Obama's proposed hike on the rich was not nearly as dramatic. He would have raised the top marginal rate to 39.6%, where it was under President Bill Clinton, from the current 35%, and he would raise capital-gains taxes to 20% from the current 15%.

Even so, we advised against it because it would slow growth and job creation.

Obama's welcome change of mind, in effect, moves his tax policies from the far left and closer to the center. In recent weeks, he's also dropped his former opposition to expanding drilling offshore for oil and natural gas.

We hope he also rethinks his idea of using tax policy to redistribute income. With apologies to Robin Hood, taking from the rich to give to the poor hurts the poor over the long run by keeping them in place.

Obama says he wants to grow the economy from the bottom up, in part, by giving big refund checks to individuals who currently pay little federal income tax or no taxes at all. He would fund it at some point by raising taxes on households making more than $250,000 (or $200,000 for individuals). Not only would this strategy cause businessmen to rethink growth because of consequent higher taxes. It would take away some of the incentive for workers to better themselves by seeking higher wages elsewhere. And it would permit companies that pay low wages to keep them low, since their workers would in effect be receiving a subsidy from Uncle Sam.

Obama tiptoed into his new policy positions on both taxes and drilling. He briefly mentioned his new-found support of drilling, providing it avoided environmental damage, in his acceptance speech during the Democratic Party's presidential convention last month.

Obama vowed not to raise taxes in a recession in response to a question on a Sunday morning news program that's watched mostly by policy wonks.

We asked Obama's campaign staff multiple times if he would reiterate his positions. Our inquiries remain unanswered. (This leaves us wondering if he might try to tiptoe back out of them at some point.)

Assuming you read us, Sen. Obama, stomp your feet. Let the voters hear your tax and drilling pledges loud and clear. You may be amazed at how well they'd react.

-- Jim McTague