The 2010 Forbes list of the 400 richest Americans had assets totaling $1.37 trillion. Even if all of this wealth were expropriated, it wouldn’t be enough to cover Obama’s deficits for a single year — and the following year these people wouldn’t be paying any taxes since Obama would have spent it all.

Truth be told, Obama recognizes there aren’t enough rich people to pay for everything. That’s why he has expanded the number of “millionaires and billionaires” to include those who earn more than $200,000. As runaway government spending continues, soak-the-rich taxes will have to hit more people — the “millionaires and billionaires” earning $100,000, then $50,000 and perhaps even less.

Jim Powell, of the Cato Institute. (via citizens-concerned)