President Obama took to the airwaves Saturday with a renewed effort to pick the pockets of successful Americans.
Called the “Buffett Rule” after billionaire Warren Buffett, who sheds crocodile tears over paying a lower tax rate than his secretary, the plan would raise an estimated $47 billion over 10 years.
The president also called again for ending the tax cuts enacted under President Bush for taxpayers making more than $250,000 a year.
“Today, the wealthiest Americans are paying taxes at one of the lowest rates in 50 years,” Obama said. “Warren Buffett is paying a lower rate than his secretary. Meanwhile, over the last 30 years, the tax rates for middle-class families have barely budged.”
Somehow, the Democratic mind turns that statement into a burning need to raise taxes on the wealthy, when the obvious and far more sensible solution would be to drastically lower taxes for the middle class and trim the fat out of the federal government.
Old principles still apply to the modern economy. Prosperity comes from the free movement of capital.
The more money can move around, the more opportunity it can provide to people.
That means leaving money in the hands of private individuals, not the government. When cash is available to individuals, they use it to purchase goods and services that in turn help pay others’ salaries. They can also use it start businesses that can hire people and bring innovations.
Locking up capital in the government is as good as tossing it onto a fire. Governments do pay salaries, it’s true, but bureaucracies have a way of making money disappear by putting it into useless projects.
The laws of economics dictate that money will still circulate when funneled through the federal government, but it will circulate more slowly, less widely, and doing so takes capital out of the hands of the innovators and job creators and puts it under the control of the job killers and business stiflers.
In short, it puts it in the hands of the wrong people instead of we the people.
The issue is one of control. Money is power over others, and power always has a price beyond mere money. For someone to gain power, someone else has to suffer.
The Democratic Party has an insatiable taste for power, over your money, over your education, over your health, over your life.
Obama may want to tax the rich, but one way or another, we’ll pay the price.