Check the chart in the article. Because of uncertainty, new regulations and IRS adjustments, the number of millionaires and billionaires decreases. Because they decrease in number, revenue is reduced to the national treasury.
The Obama tactic of calling for more taxes on the rich is purely political, and intended to focus anger at the wealthy and to demagogue the Republicans. He and his party are desperate to avoid answering for their failed policies. It is the most crass and mendacious of tactics and one befitting a person with no character and integrity that he would pit Americans against Americans for his personal gain while further damaging the economy and the future of succeeding generations.
Only a few reader comments have been copied. There are more on line and they illustrate and illuminate the opinions of average folks around the world.
READER COMMENT: The Dems have been doing this forever and it has served them well. There have been far more Democratic majorities in Congress than Republican over the past 100 years. Do we expect them to give up what works? The sheeple respond to this rhetoric. It doesn't work for the country, but it works for power hungry Dems. It won't work this time because the Marxist in Chief is very unpopular, but it's not going away.
READER COMMENT: Wonderful analysis. I was unaware of the reality of your tax sysytem. In the
Class warfare is a cottage industry here and is in part responsible for the recent riots. As your economy gets worse and good paying jobs harder to find (as Mr.McCann so aptly points out) due to the loss of manufacturing, the Left and people like Obama will precipitate violence by their class envy rhetoric. Trust me when I say--once that cat is out of the bag there will be hell to pay in your wonderful country. He and his fellow-travelers must be stopped.
READER COMMENT: Envy is one of the most toxic emotions there is. Envy makes a weak practitioner of it turn a blind eye to everything that is good enough in his life to constantly pursue the never achievable concept of "more". There will always be someone who is paid more and has more, just like there are always people who know more and do more. And by and large, there is a correlation between those who know or do more and those who are paid more and have more. This is not a 100% rule, but in a relatively functional capitalist society, it is strongly correlated. While there is a relative concept of being underpaid, it can be remedied provided there is a robust enough economy to provide options for those with talent.
But if envy is used to buy votes that put social engineers in power whose only stated goal is equal outcomes, then there will be no connection knowing more and doing more and being paid more and having more. Such things will be determined not by talent but by far cruder methods like group membership, such as party, gender, race, religion, etc....
READER COMMENT: I'm sorry garbage in, garbage out; conceptually, the system is wrong as is most of the conclusions. First, forget the assumptions and let's begin with basics. A progressive tax system has only one function (besides raising revenues for an insatiable beast) and that is the concept. It is not democratic (small [d]) it is punitive. Do the rich get more free services than the poor? Is their defense greater than the lowest tax rate? Obviously not. Then there is the little question of who pays the highest bracket and what are their options for not paying their "fair share." Why do you suppose there is so much lobbying for special advantages? Why do you suppose that Obama claims he is going to raise one billion dollars? And, how did we end up with four branches of government instead of three? And, two of the four are beyond the reach of citizens altogether. What four?
The bureaucracy of the various agencies for one thing have their own tax mechanism, they merely call it a fine. It is not rare that a similar tax is levied by the courts. Further, let's look at the various deductions (and I will guarantee for every one congress abolishes, two or...Northwoods Patriots - Standing up for Faith, Family, Country - firstname.lastname@example.org