Based on the recent comments by Obama about taxing the "rich," what does it mean for the "wealthy to pay a little more?"
Common wisdom, at least according to the media, is that the wealthy don't pay enough, and the way we can lessen the deficit is by having them pay a "little more." Seems fair, right?
The entire story about the wealthy needing to "pay their fair share" is simply about envy. That is a large part of why Obama won re-election: Class envy.
Walter E. Williams of Town Hall writes, "According to IRS 2007 data, the richest 1 percent of Americans earned 22 percent of national personal income but paid 40 percent of all personal income taxes. The top 5 percent earned 37 percent and paid 61 percent of personal income tax. The top 10 percent earned 48 percent and paid 71 percent of all personal income taxes. The bottom 50 percent earned 12 percent of personal income but paid just 3 percent of income tax revenues."
And the worst part is, it won't work. If the top 1 percent had nearly nine-tenths of their money taken from them, they would not invest in anything. And seeing that many small businesses fall under higher tax brackets, these increased taxes would stifle growth in almost every aspect of the job market - aside from government jobs, which I'm sure will be booming under the Obama administration.
What this means is that envy trumps progress. Obama has fostered class envy in the face of actual financial progress. He used envy in order to get elected, at the expense of our country. Whether that is ideological or malicious, we may never know.
Our forefathers came to this country because of the possibility where anyone who worked hard could become rich. How sad for America to now have class envy as an American value.