It takes "tasteless" to a new level.
Possibly, but in the end, it's political satire. The country has a long history of political satire. This is simply an extension of that, and is rightly protected under the first amendment (it's actually the exact type of stuff it's there to protect - after-all no amendment would be needed to let people freely say things that WEREN'T controversial).
Besides - it's about time we as a nation got over our prudishness anyways. If you think the cartoon is wrong, or unfair, then that's one thing, but crying about it's risqué nature? Nope, no sympathy there.