President Obama has some interesting thoughts on the destruction of private wealth. He rails against millionaires and billionaires not paying their fair share of taxes. There is a huge difference between a millionaire and a billionaire. Only a very few are billionaires. The top 10 percent of income earners already pay more than 70 percent of all income taxes (47 percent pay none).
If a man works a lifetime and saves a million dollars to retire on and invests it at 3.5 percent he will earn $35,000 on his money. Is this millionaire a rich man? I think not.
Private wealth here in Fort Wayne funds such organizations as Matthew 25 health clinic, food banks and rescue missions. Confiscatory taxes that destroy private wealth means less money for charities and more money for government bureaucrats to waste.
We have the highest corporate taxes in the world. More money for government; less money to create jobs.
It is my opinion that the president is an economics moron.
John M. Steinbeck