Obama Will be Bad News for Wealth Producers

Published November 6, 2008 5:00am ET



It won’t be as bad as those who fear we have put a socialist in the White House, or as much fun as those who put him there are hoping.

Obama will certainly take from the not-so-rich to give to the not-so-poor. That’s what his plan to raise taxes on families earning more than $250,000 per year in order to fund payments to those earning $50,000 or less (who don’t pay income taxes, but do pay social security taxes) is all about.

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