Obama wants to increase taxes on everybody – although, for the moment, he is limiting his goals to wealthy people and profitable businesses that he says don’t need all that money they have in the bank.
First, he ignores the trickle-down effect. When you raise taxes on a business, they do one of two things: relocate to somewhere with more lenient tax laws; or raise prices to recoup the extra cost of the taxes. This means that if taxes go up on the wealthy, pretty soon the cost of things will go up, passing those costs on to – you guessed it – us.
That, on top of the steadily rising costs of everything already, due almost entirely to Obama’s economic policies.
Second, Obama must be the only person on the planet with “money I don’t need”. So far as I have been able to determine, “spare money” is what you find at the end of the rainbow. Spare money is a myth.
Raising taxes on the wealthy is just a wedge to create a precedent. If Obama gets what he wants, he will simply spend another trillion dollars or so, and then about the middle of next year he will be raising taxes on everybody – and it still won’t be enough.
Personally, I’ve been taxed enough.