Fact Checking the President on Tax Policy

Elizabeth MacDonald of the Fox Business Network fact checks President Barack Obama on tax policy, disputing his claims that his tax cut will benefit the whole of the middle class whereas Republicans would favor tax relief for "millionaires and billionaires." Some excerpts:

Taxpayers making $250,000 or more are considered middle class in many urban areas with a high cost of living, and are not as the President said “millionaires and billionaires.”

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Small businesses will be hurt by the tax hike on the upper bracket.

And from Ray Hennessey:

At the heart of why the administration does not want every American to be treated equally is an idea that spreading the wealth around – better known as wealth redistribution – helps make the economy better.

If you succeed, you should throw back some of that success to those who don’t, thus making them succeed, too. But there’s no basis in economic theory that supports that.

In fact, wealth redistribution is the destruction of wealth. If you work hard, succeed and make an income that hits some kind of arbitrary level, you are expected then to kick that back to the government so that the public sector can then make sure that those who perhaps have not worked hard or succeeded get an income, too.

So your wealth is capped. More importantly, that approach kills initiative, entrepreneurism and work ethic – all pillars on which this country is built. Why work hard to build your wealth when you will be forced to just give it to others?