4:57 am July 13th, 2009
“President Obama believes America’s wealthiest households have become too wealthy and that the best way to ‘remedy’ this situation is to increase their federal tax burden,” Michael Franc of The Heritage Foundation wrote back on May 18. (www.heritage.org/research/taxes/bg2271.cfm)
In a message accompanying his Fiscal Year 2010 budget, Mr. Obama explained: “For the better part of three decades, a disproportionate share of the Nation’s wealth has been accumulated by the very wealthy. Yet, instead of using the tax code to lessen these increasing wage disparities, changes in the tax code over the past eight years exacerbated them.”
In fact, IRS figures show that the top 5 percent of wage earners already pay 60 percent of total income taxes, while the bottom 50 percent of income earners pay virtually zero. If a lot of Americans continued to grow rich and invest in new job creation despite such an unequal levy, how is that bad?
Never mind. Mr. Obama and his congressional Democrats still believe the pie should be cut into equal pieces — the hard-working surgeon or engineer or factory owner making no more than the schoolmarm who can’t spell or the guy who lives under the bridge. So, whether or not their proposals will really generate enough to “pay for” their ambitious plans to socialize medicine and ban fossil fuels, “equalization” takes on a life of its own.


