It's important to point out that Dr. Sowell, is great at making these problems understandable. However, it took me more than 4 minutes to read this article. That's much too long for the average american's attention span. "Tax the rich" is much faster, and without commercial interruption.
In reality, which is somewhere outside of washington, Obama isn't taxing the rich, he's taxing the wage earners who make more than he passes out. The truely rich, most of who are democrats, have their fortunes stashed away in foreign bank accounts and holdings, out of the reach of Obama and co.
Does anyone believe when Obama's new taxes take effect, that he'll from then on stop blaming others when things get worse?
Amid all the political and media hoopla about the "fiscal cliff" crisis, there are a few facts that are worth noting.
First of all, despite all the melodrama about raising taxes on "the rich," even if that is done it will scarcely make a dent in the government's financial problems. Raising the tax rates on everybody in the top two percent will not get enough additional tax revenue to run the government for ten days.
And what will the government do to pay for the other 355 days in the year?
All the political angst and moral melodrama about getting "the rich" to pay...
The last election confirmed the warnings of Jefferson and Toqueville that democratic Government (mob Rule) can take away everything just by mobilizing the takers,
Bring back the poll tax!