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Hope + Change = 70% Tax Rate
Obama’s Plan
Obama’s tax plan has two major components. First, he promises to end the Bush tax cuts, allowing the top two tax rates to return to 36 percent and 39.6 percent. Second, he promises to end the Social Security payroll tax cap for incomes above $250,000. Individuals making more than $250,000, therefore, would face a 15.65 percent tax rate from payroll taxes in addition to a top income tax rate of 39.6 percent for a combined tax rate topping 56 percent. Individuals living in cities or states with high taxes such as New York City or California would have tax rates approaching 70 percent, levels not seen since Carter was president.
Previously: Battle Of the Proxy Incumbents
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(HT: McQ)
Handcrafted by Flip on July 1, 2008 |
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Comments
Unless you are worth over $10 million you are shooting yourself in the foot by voting to continue the ruinous policies of the Bush/Cheney administration. Even then, as you lower your tax rate, you lower your potential stock appreciation gains. Lots of intelligent investors cannot see the (macroeconomic) forest for the (tax rate) trees, except for those rare no-nonsense types like Warren Buffet. Guess what? We could ALL get tax cuts if we got out of Iraq. Going to war(with a nation that had nothing to do with 9/11) with borrowed money has helped lower the value of the dollar, driving up the cost of oil, increasing to over $600 Billion a year the amount of money we are sending out of our economy and into the economies of the oil exporters. Look at Dubai. WE all helped pay for it! The last time we had a war we didn't pay for, the economy was so bad economists had to invent a new word to describe it - stagflation. Wonder why we're hearing that word again? Similar policies lead to similar bad results, even 30 years later. You can learn a lot from Philip Davis: http://seekingalpha.com/article/82848-dollar-destruction-my-wealth-inequality-manifesto http://seekingalpha.com/article/83240-critique-of-dollar-policyPosted by: David | Jul 1, 2008 2:32:37 PM
