A blurb in the latest National Review assesses the president’s approach to tax “loopholes.”

President Obama has the odd habit of decrying “loopholes” in the tax code while proposing to create new ones. He did so in his recent State of the Union speech, and in February while announcing his new corporate-tax plan — which would reduce the nominal rate from 35 to 28 percent while reshuffling and further complicating the vast and bewildering array of credits, exclusions, and deductions through which the U.S. government uses the tax code to conduct industrial policy. President Obama would eliminate some manufacturing credits for industries he dislikes (oil-and-gas firms) while creating new breaks for industries he does like (favored domestic manufacturers) and taking punitive measures against U.S. firms that succeed in overseas markets. The plan is one more attempt by the Obama administration to try to pick winners and losers in the marketplace. Given its track record — Solyndra and General Motors have both lost money for taxpayers — Americans would do well to seek investment advice elsewhere.