Of course. They are the villains, those rich pricks. They made all the money so make them pay the freight. Screw 'em. I read these deep comments all over the intertubes.
Unfortunately, taxing the rich is just a ploy to gain votes for the mid-term elections. It won't work anyway...I'll explain why in a minute.
There is one other huge dilemma with taxing the rich. Our entire capitalistic way of life is based on us NOT being equal. Taxing the rich takes all of the incentive for achieving success off of the table. Why would anyone work their asses off- just to lose it all to the government? The short answer is- they wouldn't and they won't.
Let me give you a poker game analogy. Let's suppose ten of us sit in a poker game. After playing a few hours, three of the players (the most patient and skilled players) have 2/3rds of all of the chips on the table. Seeing this as unfair, poker room personnel intervene and tell the good players to give back the chips they won from the crappy players. The good players have lost the incentive to play. The crappy players have lost any incentive to get better because they know the house (government) will intervene and give them their chips back.
Our entire American way of life was founded on the principle that hard work or innovation pays off. When you take that incentive away, you will get neither.
A few years back, I think it was South Carolina, which employed this very tactic. They raised taxes on the rich. Guess what happened? The rich left the state. The tax hikes failed and South Carolina received far less revenue than they had hoped for. Our poker room analogy is fitting here. If in the middle of the game, you decide to change the rules and give the crappy players their chips back, the good players who have those chips will say "fuck you, I am leaving the game and taking the chips with me."
And thus we have 55,000 American bank accounts in Switzerland at UBS alone. Thousands more in offshore places like the Cayman Islands. Why? Because government is desperately trying to get their hands on those chips. It's not the players who are evil- it's government.
The kicker? The rich don't have enough money to bail us out anyway. We currently owe 19 trillion. If you liquidated ALL of the assets of our top five billionaires (in the top ten worldwide) and delivered it to the US Government you would only pay off 200 billion of the national debt. This is about 2%. Big whoop. That won't even pay the interest on our debt for a year.
So what will Obama do? He is an idiot and therefore, he will try to tax the rich because it is the politically expedient thing to do. It will gain him a short lived political victory among the uneducated and huddled mass of voters this fall, voters who will see him as Robin Hood. Stealing all those rich pricks' money. What's not to like? In the long run, we will feel the damaging effects of encouraging socialism and supporting mediocrity. We will not gain anything but then again, we are dealing with a man that was raised in Indonesia who has a time horizon of two years. Why wouldn't he tax the rich?
He has to. That is Obama. His contempt for the rich and our American way of life should be fairly obvious to even the most casual observers. We know what his cards are. I'm all in on this bet.