Obama Says Your Unneeded Money Belongs To Government

America has seen on grand display in Washington from Barack Obama and the Democrats a singular mindset emanating: We must raise taxes so that we can keep on spending.   That has been the mantra from the left for a long time.  Obama though has now exposed his economic worldview.

Obama has  a philosophy that is fundamentally at odds with America’s job creators.  At a press conference Obama said,  " And I do not want, and I will not accept, a deal in which I am asked to do nothing, in fact, I’m able to keep hundreds of thousands of dollars in additional income that I don’t need, while a parent out there who is struggling to figure out how to send their kid to college suddenly finds that they’ve got a couple thousand dollars less in grants or student loans."

 At his Twitter town hall he remarked:

But what I’ve also said is people like me who have been incredibly fortunate, mainly because a lot of folks bought my book . . . for me to be able to go back to the tax rate that existed under Bill Clinton, to pay a couple of extra percentage points so that I can make sure that seniors still have Medicare or kids still have Head Start, that makes sense to me.

Obama effectively believes that any income you have which you don’t “need” belongs to the government.  Obama’s statement demonstrates an astonishing economic illiteracy."  The rich invest their excess.  Those investments is what makes America grow and thrive.

Obama is so determined to deprive “the rich” of excess income–as defined by him, of course–he is even willing to adversely impact government income in order to do so.  As shown in the following between Obama and ABC’s Charlie Gibson in a 2008 debate with Hillary Clinton:

Charlie Gibson: And in each instance, when the [capital gains tax] rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?

Obama:  Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness.

Charlie Gibson: But history shows that when you drop the capital gains tax, the revenues go up.

Obama: Well, that might happen or it might not. It depends on what's happening on Wall Street and how business is going.

Actually, it doesn’t. Every time capital gains tax rates have gone up, revenues have gone down and vice versa. High capital gains tax rates, because the tax liability is only incurred when an asset is sold, have the effect of locking in capital, which is economically pernicious, preventing capital from flowing to its most productive, i.e. wealth creating, use.

Obama and his “your money is the government’s money” mindset is destroying the American economy.  He can give all of his income he wants to the government.  He can refuse his pay as president.  He doesn't though because he wants YOUR money not his to fund his socialist agenda.

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