Adam Smith, considered the founder of modern capitalism, obviously would support Obama based on his book:
"The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. A tax upon house-rents, therefore, would in general fall heaviest upon the rich; and in this sort of inequality there would not, perhaps, be anything very unreasonable. It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
-- Adam Smith, "The Wealth of Nations"
Translation: the richer the person is, the more taxes he should pay. Sounds like Obama's plan! He does NOT support "flat tax" or "tax cuts for the rich." He was clear that the rich MUST pay higher tax rate than the middle or the poor.
And remember, Adam Smith is the man who understands economics more than anyone could and he was responsible for creating American capitalism.
"The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. A tax upon house-rents, therefore, would in general fall heaviest upon the rich; and in this sort of inequality there would not, perhaps, be anything very unreasonable. It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
-- Adam Smith, "The Wealth of Nations"
Translation: the richer the person is, the more taxes he should pay. Sounds like Obama's plan! He does NOT support "flat tax" or "tax cuts for the rich." He was clear that the rich MUST pay higher tax rate than the middle or the poor.
And remember, Adam Smith is the man who understands economics more than anyone could and he was responsible for creating American capitalism.