It is an appealing concept. If we want to balance the budget and repay the national debt, why not take more wealth from rich people? After-all they have most of the money. The problem is it will not work. President Obama and his Progressive allies know it is folly but they propose it anyway because it feeds a sense of envy and retributive justice. It is fun to criticize wealthy people. When people are hurting economically it makes them feel better to blame rich people.
Watch this video to see the folly of wealth confiscation. The only solution is serious cuts in real spending, not just cuts in the rate of growth, but real spending cuts. All of us will be affected by the cuts in some way but there is no other way out of the debt crisis.