"I've cut taxes for those who need it: middle-class, families, small businesses" -- President Obama Tweet"@Barackobama we also need to cut them for those listed on Forbes as 'millionaires' if they are not, you must consider that as well." -- Lindsay Lohan Tweet Beyond the fact the Lindsay Lohan did more harm to her Hollywood career with that single tweet than any drug addiction, impulse to shoplift or reputation for showing up late for filming ever could, she hit on an important point: the proposed tax hike on families earning more than $250,000 is destructive and unfair.
It's unfair to label these households "rich" and to hint they somehow got all the breaks and are taking advantage of poor people. Yet, this is exactly what President Obama is doing -- and without a trace of contrition. Calling someone a millionaire that clearly isn't a millionaire is wrong on so many levels, but these days the speech has been altered to calling these households "billionaires" -- and in the heat of the moment (usually on a college campus where romanticism rules) -- you will actually hear these people described as "trillionaires." Small businesses that are producing jobs would be crushed by higher taxes.
Liberals are having a field day with the Lohan tweet because shooting the messenger is easier than shooting fish in a barrel, and the message gets taken down in the process. I think my first reaction was feigned concern for this over-pampered Hollywood brat, but a second look at the tweet (not her face) and she actually hit the matter squarely on the jaw. The bulk of people who will feel the Obama tax onslaught are not rich, but successful through individual effort.
This brings me back to my top conviction: this entire policy is more about punishment than economics. It is destructive, mean-spirited and will fail miserably. At the rate this administration is spending money, a time will come when the “fair share” argument will drift to those households earning $100,000 a year. The utopian state envisioned for this nation is a money-eating monster. The more people who lose their jobs, the fewer jobs that are created as entrepreneurship is discouraged, and the lack of accountably from watered- down education will mean high-paying jobs will shift abroad. And all of this means more people on government assistance. People who succumb to the urge to take money earned by others to right the wrongs of yesterday or assuage their own feelings that things are unfair must understand that mind-set is no different than going outside and hitting someone at an ATM machine with a brick. We can joke that more often than not Lindsay Lohan sounds like she’s been hit over the hit with a brick, but her tweet is a punch to the gut once we get over the source and to the heart of the matter.