Will this class warfare-fueled, fundamentally misguided, empty talking point attack on the wealthy never cease?!
President Obama demonstrated a blatant lack of economic understanding during his press conference on Wednesday, when he villanized the corporate jet industry and made millionaires sounds like petulant children unwilling to share their ill-begotten cache of cash. The corporate jet industry employs at least a million people, and such a risky, time-and-knowledge intensive role as running a high-end business requires incentives for capable people to step up.
But its all too easy for the Obama administration and the Democrats to pit society against these age-old symbols of greedy, corporate evil. Hey, somebody's gotta' take the fall for this, right?
The Democratic leader of the Senate has introduced a measure asking the wealthy to make a large contribution to deficit reduction.
The resolution offered by Senate Majority Leader Harry Reid (D-Nev.) on Thursday asks lawmakers to sign off on a "Sense of the Senate" that "any agreement to wealthier taxpayers should reduce the budget deficit should require that those earning $1,000,000 or more per year make a more meaningful contribution to the deficit reduction effort."
The measure comes as Democrats argue tax breaks for businesses and the wealthy should be eliminated to help close the deficit. Republicans say such tax increases would hurt the economy.
Reid's bill, S. 1323, is entitled "Sense of the Senate on Shared Sacrifice."
It makes a series of findings that set up an argument for why wealthier people should pay more taxes to reduce the deficit.
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We have a graduated income tax - the wealthy already pay way more in taxes, while practically half of Americans pay no taxes at all. The Republicans are as-yet staying strong on not raising taxes, but this high-stakes game of budgetary chicken is going to have to come to end eventually. Exasperation.
At least the Senate is making moves, I suppose, after that way harsh "leaders need to step up and lead" scolding from Obama.
In other news, the President departs for Camp David today for a long holiday weekend.
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