At the beginning of his address given in March 2013, President Obama states that he is raising taxes on the wealthiest U.S. citizens to prevent more middle class taxes. These taxes, whatever the reason or amount, should be thrown into question. Why does Obama think that it is okay to target the wealthiest citizens for taxes? He said that it “was just one more step in the broader effort to grow our economy and shrink our deficits.”
So, instead of taking money from middle class citizens, he is planning on targeting the wealthiest U.S. citizens. In Fredric Bastiat’s book “The Law”, he defines the term legal plunder as taking one person’s hard earned possessions and giving it to someone else who hasn’t worked for it. This is a form of exactly that because Obama is helping himself to the possessions of the “better off” citizens and using it to pay off a debt that he helped make larger. To defend this raise in taxes, Obama states that he will be looking for more places to cut spending without shortchanging things.
But, since there is already a sixty-five percent income tax in the U.S., wouldn’t raising taxes again be shortchanging the citizens?