By a majority Americans believe the wealthy should pay more taxes.
Economists point out that contrary to the claim of those opposed the wealthy do not spend excess funds spurring economic growth but invest their money to earn additional wealth.
President Obama proposes to raise income taxes on those earning more than $250,000. Though a majority of voters support the president’s call for higher taxes on the wealthy reality for residents in the population centers of the nation know that $250,000 is not much. The cost of living in New York, DC, Chicago much of California and other places strains all incomes including those earning a quarter of a million dollars.
The New York and California senators know the facts and have remained quiet. To those whose taxes would be impacted senatorial silence and the president’s proposals are causing consider people to voting for Romney. To these wage earners who find the cost of living extreme, there is a disconnect between the president and the lives they lead. There is also hostility against the elected officials who have refused to confront the issue.
Warren Buffet the father of the Buffet Rule enjoys an income far in excess of $250,000 while he resides in an area with modest costs. The President and the Democratic Senators live in cities where $250,000 will not permit the life one would believe comes with such an income. The silence by the likes of Sen. Schumer enrages New Yorkers and may cost the president and the Democrats vital votes in November.