As I grabbed the newspaper from the end of my driveway on Wednesday (October 15) morning, the headline screamed: “Bam’s Leak! ‘Spread wealth,’ he tells plumber.”
The article is well worth reading, as it tells the story of a small business owner who challenged presidential candidate Barack Obama on his proposal to jack up taxes on those earning more than $250,000 a year.
Here’s the intriguing exchange as reported by the Post:
The fracas over Obama's tax plan broke out Sunday outside Toledo when Joe Wurzelbacher approached the candidate. Wurzelbacher said he planned to become the owner of a small plumbing business that will take in more than the $250,000 amount at which Obama plans to begin raising tax rates.
"Your new tax plan is going to tax me more, isn't it?" the blue-collar worker asked.
After Obama responded that it would, Wurzelbacher continued: "I've worked hard . . . I work 10 to 12 hours a day and I'm buying this company and I'm going to continue working that way. I'm getting taxed more and more while fulfilling the American Dream."
"It's not that I want to punish your success," Obama told him. "I want to make sure that everybody who is behind you, that they've got a chance for success, too.”
Then, Obama explained his trickle-up theory of economics. "My attitude is that if the economy's good for folks from the bottom up, it's gonna be good for everybody. I think when you spread the wealth around, it's good for everybody."
Well, there it is – classic wealth redistribution. Unfortunately, what Barack Obama is missing is that wealth redistribution equals wealth destruction, and nobody benefits from that. It’s certainly the last thing we need in the current economy.
Here’s a thought: How about pro-growth tax and regulatory relief that spurs wealth creation for all?
Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council
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