President Obama and the Democrats are campaigning on a platform to tax "the rich" - at least for starters. It's an emotionally appealing slogan, but it insults the intelligence of voters.
It wouldn't yield enough revenue to dent deficits.
The slogan is instead aimed at redirecting attention away from the administration's spending - deficits in excess of $1 trillion for four years. The national debt now approaches $16 trillion.
Americans might be wise to let the French conduct this experiment in high taxation instead.
French President Francois Holland campaigned on taxing income of more than 1 million euros [$1.29 million] at 75 percent. Economists say it would raise 200 million euros. France has a deficit of 30 billion euros.
Some of France's richest people, who could stay and spur economic growth, are instead talking about leaving for greener pastures.
The rich aren't nailed down. They can leave and do.
Socialists always forget that part.