Tuesday, October 14, 2008

The Problem with Obama's Tax Plan

Barack Obama’s plan to “spread the wealth around” may win him an election, but it won’t help our economy.

The history of revolutions is rife with promises to take from the rich and give to the masses. It’s a popular idea, but its effects aren’t usually positive.

In recent history, much of revolutionary wealth distribution has taken the form of the forcible redistribution of land. The result? The people handed the land, having no idea how to cultivate it and make it really produce, failed to grow enough food to sustain the nation, resulting in starvation.

Capital, whether in the form of land or money, doesn’t produce by itself. If governments take it from those who know how to make it grow and give it to those who only know how to squander it, we all starve.

Remember that only a very small percentage of the rich in the U.S. inherited it. Most of our rich made the money themselves. That means anyone with drive, ambition and a desire to learn can become rich through hard work. Most people just don’t want to go to that much trouble. It’s much easier to vote for a socialist who promises the same result without all the work.

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