A Perfect day here in Rancho Mirage, and I am ruining it by thinking about Mr. Barack Obama… and in particular one big fact of life: You do not make the poor richer by making the rich poorer.
Our President, Mr. Obama, wants to raise taxes on the rich, or what he calls the rich, supposedly to raise money to help the lower and middle classes. His proposals are complex, but largely they call for an increase in the capital gains rate, changes in the way inheritance is taxed, and a limit on IRAs for high net worth people. The middle class would get a boost in the Earned Income Tax Credit, really a subsidy to lower middle class people, and massive forgiveness of student loan obligations, and a few other bells and whistles.
May I offer a few respectful points?