This excerpt originally appeared in Daily Press on July 11, 2012.

"In 2009 the budget deficit was $1.5 trillion," said Professor Antony Davies of Duquesne University in a recent video, "Will taxing the rich fix the deficit?" available at LearnLiberty.org. "Increasing taxes on the richest 5 percent of Americans by 15 percent only raises about $400 billion." Obama's proposed tax rate increase is on 2 percent of wage earners with an average increase of 3.8 percent. Professor Davies explains that we would have to tax the wealthiest 5 percent of Americans at a rate of 88 percent just to balance the budget.