What with letting the Bush tax cuts expire, raising the amount Social Security will be taxed on, and the new health insurance taxes, the "rich" could see tax rates around 45%. That is before state or local taxes.Robert McIntyre wrote:"Obama eventually must look beyond the 6.4 million taxpayers earning $200,000 or more. At some point, you just can't squeeze them anymore,"
Sadly our Congressional Leadership doesn't get it either. Cali has the highest taxes in the country, but are handing out IOU's to people and businesses. Too bad the Speaker refuses to see it herself.
And what happens over the next couple of years or so when the pendulum swings back the other direction as it always does and the GOP cuts taxes again? How are these massive spending programs paid for at that time?
Reminds me of the old yarn about the 5 HS football buddies who drink in the local bar each Wed. They divide their tab up such that each pays a portion based on their income. The unemployed guy pays nothing and the business owner pays 50%, the other pay something in between. On night the bartender cuts their tab by 20% as a gesture of thanks for their repeated business. The three guys who pay something, but less than the business owner, think they should split the reduction and the business owner can still pay what he had been paying. The business owner gets pissed and tells them to Fuck Off since he has been paying the majority of the tab for months. One of the other guys gets pissed and knocks the business owner out. Meat wagon takes the business owner away and the remaining guys offer congrats all around on how they wouldn't take any lip. All is well until they realize they will have to pay the tab themselves.
