February 26, 2009
Taxes Will Be Raised On Middle Class, Despite Obama's Lying
Obviously, the new collectivist overlords were either high or skipped out of Econ 101, 102 and 103.
[...] Let's not stop at a 42% top rate; as a thought experiment, let's go all the way. A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That's less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010. Even taking every taxable "dime" of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion.No problem. The Democrats will just pass a law "mandating" that businesses be profitable. It's always worked like that in the past, so why doubt it now?
Fast forward to this year (and 2010) when the Wall Street meltdown and recession are going to mean far few taxpayers earning more than $500,000. Profits are plunging, businesses are cutting or eliminating dividends, hedge funds are rolling up, and, most of all, capital nationwide is on strike. Raising taxes now will thus yield far less revenue than it would have in 2006.
Shorter O-bots: "You don't scare us with your "numbers" and "failed policies of the past." We're gonna take your money, destroy your health care system, cripple your economy permanently, tie the next three generations of Americans with unpayable debt, pay off our political cronies, and you're gonna LIKE IT. YES WE CAN!"
Maybe all of these eeeeevil fatcats paying over 60% of all taxes should just go Galt and get jobs as burger flippers. What's the point in using your mind to create wealth, jobs and prosperity if some degenerate thug is just going to claim he has a "right " to it because of the "needs of society," point a gun at you from Washington and take it?
When you destroy the profit motive, little lambs of government, you destroy the society. And you've been warned.
