To cover the $1 trillion cost of heath care “reform”, Team Obama has proposed raising taxes by $544 billion, almost all on the “rich” — those in the top 5% of incomes.
That raises a couple of issues:
1) What if the rich “lay down” – working less as their prospective marginal take home pay gets cut? (see chart below)
2) How to inspire the next generation to bust their butts to grab for the golden ring? Maybe “doing good” will be enough motivation, but I’ll be betting “under” on that one.
3) What happens when the filthy rich are fully taxed and there’s still a big budget gap? My hunch: they’ll be coming after the rest of us.
Source: IBD, Tax Hike Comin’,July 16, 2009
http://www.ibdeditorials.com/IBDArticles.aspx?id=332637892829537
For details (local + state + federal)– all states — see Tax Foundation Report
http://www.taxfoundation.org/publications/show/24863.html
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The Homa Files 