Our Take: NYC Mayor Michael Bloomberg bashes Obama for basing new tax plan 'on politics instead of sound policy.'

A cardinal rule of American campaigns is that candidates must appeal to the party base during primary elections and then move to the center to win moderates and independents in November. This year, on the issues of taxes and spending, that shift can't come soon enough — and not just for the Republican nominee.

Over the past year, as the candidates jockeying for the Republican nomination raced to the right, the Obama campaign has sought to re-energize its base by tacking left. The president not only embraced the frustration expressed by Occupy Wall Street protesters — which was real — but he adopted their economic populism.

Read the complete story on The Wall Street Journal.