Taxes Going Up for the "Top 2%"
President Obama will make sure taxes go up on the Top 2% of income earners - by hook or by crook. Here's what he said:
Maybe one of his advisors told him what happened in the UK when they raised taxes on "the rich." Tax receipts went down - just as you might expect. Two years ago, I posted something on this. It explains why raising taxes on the rich doesn't bring in more money.
So maybe Obama knows this and doesn't want to listen to people like me tell him it won't work.
Next question: why "the top 2%"? You do realize that just because you make over $250,000 (for a couple; it's $200,000 for an individual) you're not necessarily rich, don't you? In fact, I'd say - and this comes from direct experience working with people - that the vast majority of people earning this amount aren't rich. They just earn more than some other people - actually more than a lot of other people. So what's the idea here? Is it, "If you earn more than a lot of other people, we will raise taxes on you because...well, because we can"? Can you think of some other reason?
Oh, right. I forgot: "It's the math." And what exactly does that mean? There's not much more coming from the President to explain what he means. Do you know?
(Click HERE for the rest of the article. Maybe you'll find something I couldn't.)
"It's not me being stubborn; it's not me being partisan. It's just a matter of math," President Barack Obama said.What happened to "the rich"? Wasn't that who was supposed to get a tax increase? Now it's the "top 2%."
Maybe one of his advisors told him what happened in the UK when they raised taxes on "the rich." Tax receipts went down - just as you might expect. Two years ago, I posted something on this. It explains why raising taxes on the rich doesn't bring in more money.
So maybe Obama knows this and doesn't want to listen to people like me tell him it won't work.
Next question: why "the top 2%"? You do realize that just because you make over $250,000 (for a couple; it's $200,000 for an individual) you're not necessarily rich, don't you? In fact, I'd say - and this comes from direct experience working with people - that the vast majority of people earning this amount aren't rich. They just earn more than some other people - actually more than a lot of other people. So what's the idea here? Is it, "If you earn more than a lot of other people, we will raise taxes on you because...well, because we can"? Can you think of some other reason?
Oh, right. I forgot: "It's the math." And what exactly does that mean? There's not much more coming from the President to explain what he means. Do you know?
(Click HERE for the rest of the article. Maybe you'll find something I couldn't.)
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