I often cringe when I hear people talk about the rich, because they usually don’t know what the hell they are talking about. Obama has made it clear that he doesn’t either.
Case in point:
The changes mean that the top tax rate for income from $200,000 to about $340,000 would climb to 36 percent from 33 percent, and the rate for income above $340,000 would climb 39.6 percent from 35 percent.
People in upper-income brackets would also lose the 2003 Bush tax cuts for income from stock dividends and capital gains, and they would gradually lose the ability to take the standard deductions. (source: New York Times)
In the eyes of Obama and other lefties, it is perfectly acceptable for the “rich” to subsidize the rest of the population even more disproportionately than they already do now. The left is your mom, the right is your dad. Mom wants to try and make things “fair and equal”. It doesn’t matter if one child is out-of-line, irresponsible, or whiny. Mom seeks to even it up because she can and that is her instinct. Someone gets hosed at the expense of the other.
The left equates the term rich with one’s income. However, making a ton of money does not make one rich! High income and wealth/riches are as different as knowledge and intelligence.
Also, $200,000 for a family living in San Francisco or New York is not rich by any means! One dollar in one place != a dollar in another.
Who really gets screwed in this mess is small businesses, which employ half the country and account for 70-80% of all new jobs. Small business is The Good Child of our nation.
Income for sole proprietorships and partnerships flow directly to the owners and is taxed heavily. Small business owners usually reinvest in their company - advertising, goods and supplies, new hires, etc. If the gov’t further burdens them, they won’t be able to breathe and grow.
There is no need to EVER raise taxes. Anyone that suggests otherwise is either a scammer, naive, and/or an idiot. The US has a national debt of over $10.8 trillion dollars. Both Red and Blue have been irresponsible. Why reward them with even more of our money? Whether one makes minimum wage or six figures, we ought to stand together. Americans must not fall into the class warfare and partisan bullshit. The government does not deserve more of our money!
The government could sell off its trillions of dollars in real estate to pay down debt, cut wasteful programs, phase out Social Security (greatest Ponzi Scheme of all time), and return to a more reasonable budget. We do not need an income tax at all.
The states need to be more accountable as well. Productive states subsidize others. Every state should be presented with its own bill. As it is now, its all a big money grab, courtesy of the taxpayers. This facilitates unprincipled and incompetent politicians on both sides.
