Michael Medved, writing in USA Today:
When President Obama pushes the idea of "taxing the rich," he's really talking about placing new obstacles before those trying to get rich. His desired tax hikes won't impact the "millionaires and billionaires" who draw his derision as much as they will cripple strivers who hope someday to become millionaires and billionaires. U.S. tax authorities don't go after wealth once it has been accumulated but rather grab their share from income; high rates hamper earning, not luxurious living.
This explains the puzzling predisposition of progressive plutocrats who live off their investments (like various Kennedys and Rockefellers) to favor high tax rates on top earners. It's not really noble for those who have already earned their pile to back new burdens on those hard-driving, up-and-coming challengers trying to enter the charmed circle of privilege. Those hurdles will hardly benefit the nation: isn't it obvious that America needs more, not fewer, millionaires?
