But wait, things get worse. As Milton Friedman taught decades ago, the true burden on taxpayers today is government spending; government borrowing requires future interest payments out of future taxes. To cover the Congressional Budget Office projection of Mr. Obama's $841 billion deficit in 2016 requires a 31.7% increase in all income tax rates (and that's assuming the Social Security income cap is removed). This raises the top rate to 52.2% and brings the total combined marginal tax rate to 68.8%. Government, in short, would take over two-thirds of any incremental earnings.
How hard would you work if you were only able to keep 30 cents of every dollar that you earned?
No comments:
Post a Comment
By submitting your comments, you agree that you alone are responsible for their content. I reserve the right to remove comments I deem offensive or inappropriate, at my discretion.
Threatening, abusive and illegal comments may be reported to the proper authorities. Don't be stupid. If the CIA, FBI or the Secret Service knocks on my door and asks questions about you, I will rat you out in seconds. (Sooner if I call them about you.)
Comments made below will be subject to public viewing.
Comments are subject to moderation.
It is an unfortunate fact of life that there are people out there in the wilds of the Internet that think it cute to post racist and Nazi garbage on other peoples websites. Some of these thugs are even enabled by people who should know better. In my opinion, both the thugs and their enablers are worse than spammers.
I have recently made enemies with a particular group of these people who have done just that on another website. I don't intend to make it easy for them to do that to me.
In light of that, comment moderation will be used here on this humble and very obscure little blog.
I will check in several times each day to approve appropriate comments.
For the most part, I will allow just about any type of comment except for spam and Kilgorian excrement.