The president cannot run on his record so instead he just gave a campaign speech before a college audience in Florida endorsing an increased tax on millionaires. He argued that this was “fair”. Huh? Is it fair to ask the group that pays the largest chunk of taxes to pay more? Regardless, no one asked what impact would this have on the economy. First, an increase in taxes is not expected to impact very much on the deficit. The tax would only bring in $4 billion which is what is spent by the feds in one day. And as we all know, every estimate of increased tax revenues from increased taxes is always overstated. No one has asked the president, what would be the impact of the increased taxes on job creation? Or what would be the impact on the fallen value of the dollar? How does the increase have any affect on anything that really matters? The answer is it doesn’t. It is only a calculation that voters are more interested in punishing the wealthy than in creating prosperity. Instead of spreading the wealth this is spreading the misery. By the way, the one percent that Obama dislikes so is not the $250,000+ crowd but rather those making $345,000+. The inclusion of those under $345,000 is just another attempt to grab as many resources from as many people as the feds can get their hands on. Finally, why would anyone who earns more than $250,000 give the democrats a single penny?
Harold A. Black is professor emeritus in the Department of Finance, University of Tennessee, Knoxville having retired after 24 years of service. He has served on the faculties of American University, Howard University, the University of North Carolina - Chapel Hill and the University of Florida. His government service includes the Office of the Comptroller of the Currency and as a Board Member of the National Credit Union Administration. He also has served on the boards of directors Home Savings of America and its parent company, H. F. Ahmanson & Co., Irwindale, California prior to its merger with Washington Mutual Savings Bank, on the board of New Century Financial Corporation, Irvine, California, then the nation’s largest real estate investment trust and as director and later chairman of the Nashville Branch of the Federal Reserve Bank of Atlanta. He writes an occasional article for the Knoxville News-Sentinel at http://www.knoxnews.com/staff/dr-harold-black/. His web page is haroldablackphd.com