by Richard Young | September 21, 2011 1:45 pm
President Barack Obama offers “a plan that asks the most fortunate among us to pay their fair share like everybody else.” One wonders if Obama’s “everybody else” includes the 50 million Americans on welfare or perhaps the nearly 50% of Americans who pay no income taxes. Probably not, but then, who is the everybody else the president refers to?
But here in the Obama welfare state, who needs to work and pay taxes? As Pat Buchanan points out, “Folks below the poverty line have their kids educated for free in Head Start, for 13 years in public schools, then get Pell grants for college. They get free food stamps and health care through Medicaid. They get subsidized housing and earned income tax credits, are eligible for all other safety-net programs, and can earn $23,000 in pretax income and pay no income taxes.”
Pat’s probably making this scenario up, right? No, as usual, Mr. B. is dead on the money. I guess that crowd is not the everyone else Obama is referring to. Is it any wonder the Tea Party is gaining powerful upside momentum as sales of Ayn Rand’s Atlas Shrugged surge? In Atlas Shrugged, America’s “producers” — persuaded by John Galt — disappear, leaving behind the socialist government and creating their own independent unregulated economy. This “strike” by the producers grinds “the motor of the world” to a halt. Factories close and people riot.
Obama is barking, once again, up the wrong tree and headed for a nasty comeuppance.
If members of the Democratic Party aren’t darned worried, they should be. Obama’s policies figure to hand over not only the White House but also the Senate and the House in 2012. On Friday, I will have some intriguing math for you on the 2012 presidential race.
Counterpoint: Making the Case for a Millionaires Tax 
Source URL: http://investorplace.com/investorpolitics/millionaire-tax-obama-taxes/
Short URL: http://investorplace.com/?p=64853
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.