When President Obama ran for office, I was foolish enough to believe he would end the extremely low tax rates on the rich, given that it was one of his most-repeated campaign promises, and one of the four points of his campaign’s fiscal plan. I had hoped he would begin to make our tax code more progressive. Instead, President Obama has just endorsed a tax “compromise” that would actually make the taxes on the super rich even lower than they were under George W. Bush.

In addition to keeping the income tax rates for those making over $250,000 the same for next two years, President Obama is also agreeing to have the estate tax set at 35% with an exception for estates under $5 million. This is a lower estate tax rate than even Bush passed into law and will move billions of dollars to benefit exclusively the children of the ultra wealthy.

President Obama is actually endorsing a tax plan that is even better for the richest Americans than anything Bush was able to pass into law. Compared to President Obama’s generous attitude toward making the rich pay taxes, George W. Bush looks like Bernie Sanders.