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Liz Cheney Accuses Obama Of Wealth Redistribution For Wanting To Raise The Capital Gains Tax

On this weekend's Fox News Sunday, Liz Cheney accused President Obama of believing in "redistribution of the wealth" because heaven forbid he'd like to see those who make their income off of their stock portfolio to pay the same amount in taxes as

On this weekend's Fox News Sunday, Liz Cheney accused President Obama of believing in "redistribution of the wealth" because heaven forbid he'd like to see those who make their income off of their stock portfolio to pay the same amount in taxes as someone who actually works a job for a living.

I hate to break it to Liz Cheney, but at a time when we've got record income disparity in the United States that we've not seen since the Gilded Age, that income has already been redistributed and it went to the upper 1% of the country. Sadly Cheney and her ilk weren't too concerned about blowing up the deficit with two invasions they left off the books and the damage that the Bush administration did to our economy. But now she's going to opine over the wealthiest in this country potentially having to pay their fair share in taxes.

And heaven forbid like the rest of the neo-cons, she thinks it would just be horrible if we cut spending to defense. I think Cheney and the rest of them out there playing the violins for the rich really aren't going to be content until we have absolutely no middle class left in America. They've done their best to make sure we're heading there rapidly now.

WALLACE: Liz, let's talk about the super committee, which, as I was pointing out with Eric Cantor, I mean, the clock is ticking. It started in August. Now we're in mid-October .

They have got a month, November 23rd, to come up with a deal, $1.2 trillion in deficit reduction, whether it's spending cuts, tax increases, whatever, or you end up with this automatic triggers which everybody says are just horrific, $600 billion more in cuts to the Pentagon. Leon Panetta says that would be a threat to national security.

Do they make a deal, or do we end up with the triggers?

CHENEY: I think the odds are that we'll have a deal. I think one of the places where you've got bipartisan support -- bipartisan agreement -- for example, is that the triggered cuts in the defense budget would just be devastating. Leon Panetta said it would be the equivalent of shooting ourselves in the head. So I think we'll get an agreement on spending.

You know, I think that the Republicans have actually put forward a response on this issue of the millionaire's tax, which is the notion that you've got the vast majority of small businesses in this country pay taxes as individuals at those highest tax rates, and those are the job creators. So I think, you know, we've got the super committee that will get something done, will avoid triggers, but it will only be part of what has to happen here.

The rest of it has got to be a set of policies put in place by a new president that understands that you've got to get the private sector going again. And I think in terms of President Obama, what he's doing politically he may think makes sense. I think it's actually scarier than that though. I think he really believes it.

I think that he's now put forward so many policies that aren't working economically and that are not working for him politically, that you've got to at some point say it must be ideology. It must be that he really believes in redistribution of the wealth. He really believes in increasing capital gains tax, even if it means lower revenues to the treasury. I mean, I think it's something new than we've seen from a president in a long time, and I think its' very concerning.

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