The Hill Street Blahg

Confiscatory Tax Rate Dreams from my Father [Lisa Schiffren]

This is a must read piece from Investors Business Daily. Barack Obama seems to have spent a lifetime pining for the father who abandoned him at age 2. His first autobiography (and what 47 year old doesn’t need two?) was dedicated to the man. Now he has issued the essential blueprint for the Obama Tax Code, and we find that it too is part of dad’s legacy. Naturally, candidate Obama Jr. wishes to raise taxes on the productive and the married, (especially two-income professional families — which will chase educated women from the work force, as the NY Sun discussed brilliantly, here) And, naturally, he wishes to redistribute money to those who work less, or don’t work at all — in the form of tax “credits” — which will put money in your pocket whether you have paid any taxes or not. That is a trick devised long ago, (Nixon era, sigh), and enshrined in the (GOP-supported) Earned Income Tax Credit — which has always been a welfare program for the working poor. (Peter Ferrara explains clearly how Obama taxes = welfare, here.)

Under Obama, everyone who isn’t “rich” — a number he won’t specify, (but let’s say — $250,000 per year) deserves support. And everyone who isn’t “poor” gets to pay for it. The upper middle class, whose income ususually come in the form of salaries, gets to support the rest of the country. As for the truly rich — well, a truly rich man I met recently told me about the process for obtaining a second passport and dual citizenship in a tax haven — which he had been investigating. Applications are up. In our very mobile times, the truly rich, and the financial industries which make them that way, generally can find a way around onerous taxes.
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Confiscatory Tax Rate Dreams from my Father

H/T: Road Sassy