When President Obama’s approval rating hit 40 percent, he fumed at “billionaires and millionaires,” “fat-cat bankers,” and “corporate-jet owners.” In his sloppy targeting, Obama doesn’t care much that a billionaire has 1,000 times more than a millionaire — or that his new tax proposals will take a lot more from those making $200,000 than from the few making $1 million.
Instead, the president is in a populist frenzy to rev up his base against “them,” who supposedly “are not paying their fair share.” The president’s argument apparently is not that the top 5 percent haven’t paid enough in taxes. Indeed, they pay almost 60 percent of all income taxes collected, while nearly 50 percent of households pay no income taxes. Obama seems angry that the top 5 percent will still have more money after taxes than do others, and so they should pay a redistributive government still more taxes.
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