Issue date: 4/15/09 Section: Opinion

Media Credit: Osazuwa Okundaye [Click to enlarge]

Under the Obama administration, America's tax system is taking on an ugly shape. There has been a shift toward punishing the rich for having more money than most Americans.

This stems from President Barack Obama's view that the wealthy are deep money bags instead of a valuable asset to the economy. Wealthy people, not poor, buy stocks. Wealthy people, not poor, buy new cars regularly. Wealthy people, not poor, buy new houses. As harsh as it may sound, this is the truth, and it has serious economic implications. I'm certainly not rich, so I've got no reason to stick up for those with large incomes. However, the wealthy drive the American economy, and punitive taxes aimed at them could spell disaster. When taxed beyond reasonable amounts, history shows that the wealthy clam up and stop spending.

Increases in capital gains taxes are being discussed, which would make absolutely no sense in this time when the economy needs investors. This is just an example of how this whole tax strategy seems aimed at drying up investment dollars from the wealthy. This is exactly what the economy can't afford right now.

President Obama must realize that the rich in this nation are the pillars that hold up our economic system. Whatever feelings American citizens have toward socialist policies, they must realize that redistributing wealth in this manner is not a viable solution to the recession. A great deal of the nation's capital and assets lie in the hands of a very small percentage. This means that the economy needs the rich to continue spending.

Beside the economic ramifications, this tax plan destroys the fiber of what America is. This "Robin Hood" tax plan stomps on the American dream and everything it stands for. The U.S. shouldn't be about handouts and everyone wanting their free piece of the pie. Under these newly proposed tax plans, the newly generated tax dollars would go toward extended government programs.

The "ability to pay" phrase is thrown around every time these tax issues come up. Whether or not someone has more money to pay shouldn't be the issue. When a retail store charges based on ability to pay, it's called price gouging, and against the law. Taxes shouldn't be any different.

This sort of tax plan punishes the wealthy simply for being successful, which is an even bigger injustice than the harm that will surely be done to the economy.

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