Don't Make the Mistake of Making Lots of Money

If you do, you'll become America's ATM:

WASHINGTON — The Obama administration will propose $60 billion in new tax increases over 10 years on wealthy estates, businesses and others to make up for shortfalls in its fund to pay for an expensive overhaul of the health-care system.

The measures go beyond plans the White House has announced in the past few weeks. Officials said that upon further analysis they realized that they had overestimated savings and tax increases proposed in February to help pay the bill.

The full proposals will come Monday when the White House releases a detailed analysis of its budget blueprint. Administration officials described the new proposals not as tax increases, but as eliminating “tax loopholes.”

Rich people are successful businesses aren't stupid. They'll simply find other ways to shelter (or hide) income and the revenue expected by the government will greatly exceed what they actually take in. This will also discourage economic investment if that investment is likely to just end up driving up someone's tax rate.

Obama doesn't understand...or care...how free markets work.