The Homa Files

Excerpted from AP: ” Biden calls paying higher taxes a patriotic act”, September 18, 2008

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Democratic vice presidential candidate Joe Biden said Thursday that paying more in taxes is the patriotic thing to do for wealthier Americans. The Republican campaign for president calls the tax increases their Democratic opponents propose “painful” instead of patriotic.

Under the economic plan proposed by Democratic presidential candidate Barack Obama, people earning more than $250,000 a year would pay more in taxes while those earning less — the vast majority of American taxpayers — would receive a tax cut.

Noting that wealthier Americans would indeed pay more, Biden said: “It’s time to be patriotic … time to jump in, time to be part of the deal, time to help get America out of the rut.”

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Full article:
ttp://www.realclearpolitics.com/news/ap/politics/2008/Sep/18/biden_calls_paying_higher_taxes_a_patriotic_act.html

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Reminder: Boiled down to its essence, Senator Obama’s complicated tax plan reduces to the  redistribution of over $100 billion in income each year by taking an average of about $20,000 in additional annual income taxes from about 5 million people, and redistributing the loot to 200 million others — about $500  per person in annual refundable tax credits.  That’s slightly more than a buck-a-day.

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This entry was posted on September 18, 2008 at 9:03 am and is filed under Government & Politics, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.