Obama's "Bait and Switch' Taxe plans

[Conservative]

'Bait and Switch' Taxes | RealClearPolitics

The actual tax increase plans being proposed by Obama do not start with people who have an income of a million dollars a year. They start with people with incomes of $250,000 and up.

That is more than most people make, but it is far short of a million dollars, and miles away from a billion dollars. How many of the people who stand to get hit with Obama's higher tax rate plan are in fact either millionaires or billionaires?

According to the Internal Revenue Service, there are more than 2,700,000 people who earn $250,000 a year or more -- and fewer than one-tenth of them earn a million dollars or more. So more than nine-tenths of the people who would be hit with the higher taxes supposedly aimed at "millionaires and billionaires" are neither.

President Woodrow Wilson himself urged Congress to reconsider whether very high tax rates are in fact "productive of revenue" to the government. He said that, beyond some point, "high rates of income and profits taxes discourage energy, remove the incentive to new enterprise, encourage extravagant expenditures, and produce industrial stagnation with consequent unemployment and other attendant evils." That sounds a lot like where we are today.

Those hardest hit by high tax rates that drive jobs overseas are likely to be those who are unemployed and need jobs here. Ironically, millionaires and billionaires may have the least to lose from higher tax rates on "the rich." But Barack Obama has the most to gain from class warfare rhetoric that wins votes from gullible people.

 

[Sinjorri]

Obama: Millionaires start at 250,000. my math skills are off the hook.

 

[8537]

"Millionaire" isn't typically a reference to income. It's a reference to wealth.

Raising the TMR from 35% to 39.6% would have a tiny impact or none at all on someone making 250 - 300K, and a small impact on someone making a million.