Obama Soaks the Rich

From Greg Burns at the Chicago Tribune, "Rich to Pay a Price for Obama Policies: As President Obama Tries to Close Gap Between Rich and Poor, Wealthy Could Foot the Bill":

It's not easy being rich these days.

Just ask the rich.

In a survey released this month, Fidelity Investments asked more than 1,000 customers with investment accounts of at least $1 million how they were feeling about their money.

The predictable answer? Not so good.

Nearly half of this group said they don't "feel wealthy," despite average incomes of $300,000 and nest eggs averaging $3 million-plus. That's double the number who answered the same way a year ago.

Well, millionaires, President Barack Obama won't be throwing any pity parties for you.

In fact, as the costs mount for the economic rescue plan, it's becoming increasingly clear who will be paying a greater share as a result. From reining in executive pay to taxing the foreign profits of U.S. companies, the Obama administration is taking aim at the wealthiest segments of society.

This year could turn out to be an inflection point akin to the ascendancy of Ronald Reagan in the early 1980s, which kicked off a long run of disproportionate gains at the very top of the economic food chain.

Read the whole thing at the link.

Related: Glenn Reynolds, "Tax Audits Are No Laughing Matter." And Roy Edroso's response, "More Obama Inappropriate Laughism!." (Both, via Memeorandum).

Image Credit: Westside Republicans.