“Soak the rich” long has been a demagogic class warfare political appeal by some politicians, and often has been responded to by some voters, since most of us obviously aren’t “rich.”
But we should be cautious about anyone wanting to “soak” anyone with higher taxes. While all of us aspire to earn more and be better off for ourselves and our families, some people just envy anyone thought to be “rich.”
We are fortunate that many of the rich got that way by doing something good, inventing something, producing something, hiring many of us, providing our family members and friends with jobs and steady incomes for our families. How could “we” get along without “them”?
Why should we want to penalize them?
We should be wary that President Barack Obama currently is proposing to pass the so-called Buffett Rule tax, obviously referring to billionaire investor Warren Buffett, who first pitched the idea after noting he is subjected to a lower tax rate than his secretary.