Reminder from Thomas Sowell about the "fairness" argument Obama loves :
Four years ago, TV interviewer Charles Gibson pointed out to candidate Barack Obama that raising capital gains tax rates had on a number of occasions led to less capital gains tax revenue being collected -- and, conversely, lowering the capital gains tax rates had on other occasions increased the amount of capital gains revenue collected by the government.
Obama readily admitted that. But he said that 'fairness' justified a higher tax rate on 'the rich.' Yet how does a higher tax rate on paper, without a real increase in the amount of taxes actually collected, promote fairness? However, raising tax rates on "the rich" pays off politically, even if the government loses revenues when the rich put their money into tax shelters.
High tax rates in the upper income brackets allow politicians to win votes with class warfare rhetoric, painting their opponents as defenders of the rich. Meanwhile, the same politicians can win donations from the rich by creating tax loopholes that can keep the rich from actually paying those higher tax rates -- or perhaps any taxes at all.
What is worse than class warfare is phony class warfare. Slippery talk about 'fairness' is at the heart of this fraud by politicians seeking to squander more of the nation's resources.
. . . Investors Business Daily