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?