September 19, 2011

Obama's Recipe for Tax Disaster

By Adam Yoshida
President Obama's "Buffett Tax" proposal to change the nation's tax laws may sound seductively reasonable.  Ensuring that nobody earning over a million dollars a year pays a lower percentage than the middle class sounds like justice.  The truth, however, is that -- no matter how well-packaged it may be -- Obama's proposal is a nasty bit of class warfare that will destroy jobs, drive investment out of the economy, and harm the middle class, and it is certain to raise far less revenue than predicted. Let's begin our discussion of this with the last part.  Those, such as Warren Buffett, who feign outrage at the idea that a handful of extremely productive citizens might pay a lower percentage of their income in taxes than those with other kinds of income are being intentionally dishonest.  They know full well that the reason why this occurs it that the sort of income being earned by these individuals consists largely of money that is realized in forms other than...(Read Full Article)