Obama to unveil new "Millionaire Tax"
Next week will be yet another unveiling of another plan full of promises to shore up Americas ailing financial woes. Obama is ratcheting up the populist rhetoric sharply by first presenting a false choice during his "jobs bill" by suggesting that either the wealthy get tax breaks or teachers get to work and now by going directly after the richest of the rich. According to the New York Times who I am sure are devastated by this proposal: Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett , the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages. Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise. But his idea of a millionaires’ minimum tax w...