Punishing the Most Successful

By Michael Medved

Barack Obama wants to punish successful businesspeople with unprecedented tax increases. Lawrence Lindsey, former Chair of the National Economic Council, notes that a high income earner who now gets to keep 62% of what he earns would bring home only 47% under Obama--and that?s before paying state and local taxes.

A small-business man with taxable profit of $500,000 would see a 25% tax hike, paying $42,000 more to Washington.

This extra burden would discourage extra work, and lead America's most productive people to focus on tax avoidance rather than wealth creation. By shifting resources from entrepreneurs to Washington bureaucrats, Obama-nomics would slow job creation, innovation, and investment just when they're needed most.

And the one time you can be sure a politician will keep his promise is when he says he'll raise taxes.