Excerpt:
"They will not increase gradually, but immediately return to high levels. They will come regardless of the state of the economy. And they will come regardless of what politicians promise this year . . . unless they act by Congress passing and the president signing legislation.
Talk is cheap, particularly in an election year. But rest assured, the taxes of 2011 will not be."
(hat tip: Greg Mankiw)
You wrote: "EVERYONE'S effective tax rate goes UP."
ReplyDeleteThat's an interesting assertion, I'd like to see some documentation of that. Do you have any? The article you link to says no such thing. This analysis from CNN however shows that Obama's tax proposals would lower taxes most for those making up to $66,000 / year.
(sigh)
ReplyDeleteYou didn't look at the chart in the link, did you?
Once again, never mind.
Yes, Bubba, I looked at that chart which compares taxes under Bush and Clinton. Since your post was about Obama's tax plan, that chart is irrelevant. The CNN information I linked to, which refutes your premise, actually evaluates Obama's tax plan. It is relevant. You were apparently confused.
ReplyDelete"Since your post was about Obama's tax plan..."
ReplyDeleteNo, little buddy, it was about Obama's intent to eliminate Bush's "tax cuts for the rich" to the Clinton era rates, by effectively letting the tax cuts sunset.
Read the IBd editorial again, pay better attention and stop being the arrogant asshole for once.
Here's what Terry Easton says about Obama's roll=back of the Bush cuts:
ReplyDelete"Obama will revert to the pre-Bush tax cut regime. Bottom line: if you’re single, making $30,000, McCain will tax you $4,500. Obama will extract $8,400 from your wallet -- almost double the take! Single making $50,000: McCain’s tax is $12,500; Obama’s is $14,000. Single making $75,000: McCain’s tax is $18,750. Obama will bite you for $23,250.
And it’s no better if you’re married. Married making $60,000: McCain’s tax is only $9,000. Obama will hit you for $16,000. Married making $75,000: McCain’s tax is $18,750, Obama’s $21,000.
Married making $125,000: McCain’s tax is $31,250. Obama’s hit -- $38,750. Ouch, Obama!
So much for Obama’s plan to tax the 'filthy rich'. Now we know just what that means: everyone in the middle class."
We won't even begin to discuss all the other ways Obama would raise taxes for everyone.