Wednesday, August 10, 2011

The War on Wealth is wrong

Michael Medved has an excellent article on taxing the rich in Townhall today, entitled, "The war on wealth isn't just stupid--its wrong." Here is an excerpt:
When President Obama pushes the idea of “taxing the rich” he’s actually talking about taxing those who are trying to get rich. His desired wealth increases won’t so much impact the “millionaires and billionaires” who draw his derision as it will cripple those eager strivers who hope someday to become millionaires and billionaires. The federal tax authorities don’t go after wealth but rather grab their share from income, hampering earning not luxurious living.
This explains the puzzling predisposition of progressive plutocrats who live primarily off their investments (or who won life’s lottery with inherited fortunes like the Kennedys or Rockefellers) to favor high tax rates on top earners. It’s not really noble or unselfish for those who have already earned their pile to seek to place new obstacles on hard-driving, up-and-coming challengers who seek to enter the charmed circle of privilege.
Please take time to read the entire article.

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