Misguided Soak-the-Rich Tax Policy

One of the primary tools in class warfare are "soak-the-rich" tax policies. In a very clear and factual way, Dan Michell of the Cato Institute and the Center for Freedom & Prosperity explains just how misguided these types of policies are (YouTube, 8m, 46s). Not only do they make the economy worse, as he explains, but politicians actually understand this. In a telling admission, after being explained by ABC's Charlie Gibson that lowering the capital gains tax increased revenue, Barack Obama continued to support capital gains tax increases on the basis of "fairness". The video: