Posted: Oct 17, 2008 11:14 am |
Edited by: Uptight White
He's worried about Obama taxing somebody who makes more than 1/4 mil when he doesn't even come close to making that.
This character "Joe" may be concerned about the principal of soaking the rich with higher taxation and killing the golden goose (employers) and all. The bigger issue is that Obama plans to pass on new taxes to businesses grossing more than $250K per year, which is a ridiculously low number. I can see small companies breaking up into multiple divisions/ Corporations. to avoid it. Considering that small businesses are still the largest employers of US citizens, it is a valid concern for everybody.
Additionally, this whole $250K=rich is locked in the 1980's economics, when they chose it to be the highest progressive tax rate. I know wages have stagnated, but they still need to pick a higher arbitrary number based on 20+ years of inflation. There are many entrepreneurs earning $249,999.99 annually on purpose to avoid the cut off, and diverting the rest to foundations. It's the professional class that gets soaked if they are not creative.