Obama and what’s left of his gang in Washington were out there over the weekend pushing hard on the idea of raising tax cuts on the rich. They just can’t let this go. Rather than put together a narrative on this, and in the interest of feeding my laziness, I’m just going to hit you with some bullet points here:
* Obama likes to talk about raising taxes on “millionaires and billionaires.” A high school principal and a career police officer in Chicago will, if married to one another, be hit with Obama’s tax hike on the rich. Why? Because they can make over $250,000 a year. They are not “millionaires or billionaires.”
* Obama adopts a static rather than dynamic view of the economy. A dynamic view supposes that people will change their economic behavior based on their tax burden. A static view supposes that people will continue to work and produce just as they always have with no substantive changes no matter what their tax burden. In other words, the static view says that rewarding people for their behavior will not cause more of the same, and punishing behavior will likewise have no effect.
* Obama says that extending Bush tax cuts for the rich will cost $700 billion. He is completely ignoring the solid evidence that virtually all major tax cuts for high income earners actually lead to increased federal revenue, not less. This was true with Kennedy, Reagan, Bush and the rest of them.
* Obama is dedicated to wealth seizure and redistribution. It is a part of his core philosophy. He absolutely believes that people with wealth became rich by exploiting others or through dishonest means. His arrogance will not allow him to admit that punishing behavior that leads to the generation of wealth will bring less of that behavior.
As a community organizer, Obama learned class warfare at the feet of people like Saul Alinsky. Obama doesn’t just practice class warfare for the political gains and advantages; it’s something he feels deep within. The tax-the-rich mantra is as much a part of his soul as is his love for his family. He will not easily abandon it.