Obama believes that his re-election grants him moral
authority to raise taxes (rates). After
all, he ran on a platform of raising taxes (rates) on the rich, and the people
sent him back to 1600 Pennsylvania. Using the same logic then, the people also
returned the GOP to the House and ergo they then must have a mandate to cut
spending, no?
The clamor to raise taxes on the rich seems to grow louder every
day. And so I must ask – for what end? To
improve the economy? To reduce the deficits?
Because it’s only fair?
Who among us ascribes to the philosophy that confiscating
more income from the top X percent
will improve overall economic conditions for the 1-X percent? Or said another
way,(the taxers believe that) removing money from an economy will allow
economic indicators to rise. If this
theory holds true, let’s take all their income!
Perhaps the majority of the cheerleaders for higher tax
rates believe we should use the revenue to reduce the deficit. Ah, seems like a worthy goal, but can it be
done? In other words, can the government
confiscate enough income from the rich to meaningfully reduce the deficit? I remain skeptical:
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