The rich don't make enough to fund Obama's spending spree

The Wall Street Journal does some basic arithmetic that gives the lie to President Obama's promise that households making less than $250,000 won't see their taxes go up "one single dime".

In fact, even if Obama seized 100% of the taxable income of the richest Americans, it wouldn't come close to covering the amount the administration wants to spend next fiscal year.

Face it. One way or the other, your taxes are going up.