A vendetta against the “wealthy” is one of Obama’s favourite themes, and it strikes a peculiarly familiar note. Back here, Nick Clegg is arguing (rightly) that a tax cut for the lower paid should be accelerated on both moral and economic grounds – because people are struggling, and because allowing them to keep and spend more of their earnings would stimulate growth. But he wants to balance this with a wealth tax or some such penalty on “the rich”. Both Obama and Clegg, by an extraordinary coincidence, used the same semantic trick to try to prove the injustice of their present tax systems. In his State of the Union address, the President slipped subliminally from the fact that his likely presidential opponent Mitt Romney paid tax at a lower rate (because his income came from profits and dividends which were taxed as capital gains) than his secretary (who would have paid income tax), to the claim that Mr Romney paid less tax than his secretary.