Wednesday, April 13, 2011

Obama’s budget plan calls for wealthy to ‘give a bit more back’

The Chicago Sun-Times has this quote from President Obama:
“As a country that values fairness, wealthier individuals have traditionally born a greater share of this burden than the middle class or those less fortunate. This is not because we begrudge those who’ve done well - we rightly celebrate their success. Rather, it is a basic reflection of our belief that those who have benefitted most from our way of life can afford to give a bit more back. Moreover, this belief has not hindered the success of those at the top of the income scale, who continue to do better and better with each passing year.”
Anyone who knows about the upper one percent will tell you : in any giving year they might not be in the upper one percent. Why? Stock options often expire worthless.