“Six million seniors are deprived of meals!” cried Nancy Pelosi recently about proposed cuts to the federal budget. Of course, researchers quickly refuted Congresswoman Pelosi’s numbers, but her statement reflects President Obama’s campaign rhetoric, “When you spread the wealth around, it’s good for everybody.” In a speech today, President Obama is apparently set to argue that rich people should pay more in income taxes so that people like Congresswoman Pelosi’s seniors will not miss any benefits.
As for President Obama, the richest 1% of the population now pays almost 40% of all income tax revenue. How much more does he think they should pay? The bottom 50% of income earners now pay 2.9% of all income taxes. How much less should they pay? At what point, does redistribution contradict the Founders promise of “life, liberty, and the pursuit of happiness”?