What Obama Isn't Telling People

  Obama says “I will not balance the budget on the backs of the middle class.” So how about this mantra from the Wall Street Journal editorial--“you can’t finance the welfare state on the shoulders of the 1%.”

According to yesterday’s Wall Street editorial entitled
Britains Missing Millionaires, Britain raised its income tax rate on the wealthy from 40% to 50%. The next year the number of millionaire tax returns dropped more than 60%. Some of the wealthy just left the country. The estimate is around 10,000. While others rearranged their finances to avoid the new 10% tax increase. That resulted in less money coming in than under the previous 40% tax being collected.

The year before the tax passed, millionaires paid just under 9% of the total tax liability of all taxpayers that year. At the new 50% rate, the shrunken pool yielded only about 4.4%. 

The writer said "A funny thing often happens on the way to soaking the rich:  They don't stick around for the bath."