In an attempt to partially fund some of his campaign promises, Obama plans to allow the Bush Jr. tax cuts for the rich to expire, which will raise taxes on the wealthiest a mere 3%. This insufficient amount has caused an uproar in some sections of the elite who use their control over media outlets to vent their frustration by branding Obama as a "socialist" -- which is an insult to actual socialists. Their outrage is genuine, since they believe that giving up a little may cause people to then demand they give up much more.
This increasingly venomous rhetoric against taxing the wealthy often comes with implied threats, the most common being -- if you tax the super-wealthy and corporations, they will move themselves and their money overseas, resulting in a loss of jobs, and the economy will be sabotaged.
It must first be noted that the rich are already professional tax evaders, while corporations are giant welfare recipients. Tax "exemptions," off-shore tax havens, and the type of logic that allows mega-billionaire Rupert Murdoch to pay 17% in taxes from his stock market "earnings" are just a few of the problems in our tax system that need correcting.
Correcting these numerous, irrational loopholes, while greatly increasing taxes on the wealthy and corporations is likely to create the predicted exodus of the rich, for the same reasons that the wealthy Venezuelans and Cubans crowd the shores of Miami Beach.
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