President Barack Obama has been trying to sell his new "millionaires' tax" to the Rust Belt. "What's great about this country is our belief that anyone can make it," he said in Cincinnati on Sept. 22, praising "the idea that any one of us can open a business or have an idea that could make us millionaires."
But who are the millionaires Obama is talking about? And will a tax on them help the economy? Let's examine a few presumptions about the man with the monocle on the Monopoly board.
(1) Millionaires are rich.