Following Iranian President Mahmoud Ahmadinejad's controversial remarks at Thursday's meeting of the United Nations General Assembly, President Obama on Friday called the statements "offensive and hateful" and "inexcusable" in an interview with the BBC’s Persian network. (Politicsdaily.com, 9/24/10)
Nicely put, Mr. President. It’s not so hard to do the right thing.
Where the money is
Claiming to tax only the rich has always been more political strategy than fiscal realism. As we wrote in February 2009 ("The 2% Illusion"), IRS tax data show that you could have taken 100% of the taxable income of every American who earned more than $500,000 in the boom year of 2006 and still only have raised $1.3 trillion in revenue. That amount would not have closed the budget deficit in either of the last two fiscal years. Liberals pretend they can finance a European-style entitlement state by taxing only the rich because they know that soaking the middle class is unpopular. (WSJ, 9/25/10)
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