The stupidest thing about Oabama’s “taxing the rich” is that he’s applying the same marginal tax rate on those who make $250 thousand as he will on Bill Gates. With the health care surcharge, people of $1 million and above incomes will pay even more, but still, the SAME marginal rate across a several thousand-fold range of incomes? How “progressive is that? Ironically, this will mean that Obama will redistribute wealth UPWARDS, rather than downwards as he claims he wants, because:

1) The downwardly distributed income will only be consumed, and NOT saved and invested as the earner him/herself would have done (thus depleting America’s savings and lending pool of “real money” dramatically at a time when public debt is skyrocketing), and,

2) Some of those people in the $250K category intend to move up even further, as they are ambitious, resourceful entrepreneurs. But, with their ambitions thwarted by having a big chunk of their income taken away, other Americans much richer than them won’t have to worry about competition from “new money” rising from below. Essentially, a return to feudalism. By the way, is everyone aware that a majority of the super-rich are now Democrats? What a great deal for them, huh?

3) A majority of people in the $250K bracket are only recent arrivals to that income level nearing the final years of their careers. Their average earnings over their lifetimes are much, much less than $250K. Their dreams will be greatly reduced, as will those of their offspring. Imagine how it feels to be demonized as “rich,” when you spent most of your working life climbing up to that modest height from humbler origins?