[txnativegop]

No wonder Barney Frank is in favor of it! he loves getting gore’s

[GeronL]

oh, he was telling a half truth. It won’t be a dime.

[Psycho_Bunny]

It’s hard to imagine this guy isn’t sitting in the oval office all day, getting high and then dreaming this blarney up.

[Huck]

Nevermind all that. A lot of people making over 250K are my customers. And some of them are my customers’ customers. Everyone’s already feeling pinched. Those who resent people making 6 figures just don’t know an honest way to do business with them. There’s so much money out there if you are creative and willing to work, and willing to bet on your own wits. Of course, for many that’s a losing bet, I guess.

[Ethrane]

I just quit my second and third jobs moonlighting...it just ain’t worth it.

I’ll play golf instead.

I ain’t working for everyone else...life’s too short.

[Theodore R.]

True, but the American people don’t believe that. Their great-great-grandparents thought in 1913 that they could tax mostly the rich to pay the costs of government. The American people as a whole have never been very bright.

[genghis]

remember when clinton raised the taxes on the yachts and every yacht builder when belly up.
Libs make this mistake so often one must believe they have a different agenda than normal people.

[Senormechanico]

The math is simple.

First, print tons of fiat money so inflation pushes everyone into “high income” just to make ends meet.

Next, tax those “rich people”.

Done deal.

[dead]

President Obama has laid out the most ambitious and expensive domestic agenda since LBJ, and now all he has to do is figure out how to pay for it.

[Reeses]

Is whole WSJ that well written? I might subscribe again. Note the lack of a vanity byline. Try to get a modern mainstream media “journalist” to agree to that.

[Senator_Blutarski]

We all know that tax increases affect behavior and suppress tax collections. My sense is that this time around the effect will be more severe than in the past for two reasons:

(1) Many "boomers" are approaching retirement age. A lot of them are small business owners who will simply retire rather than pay even higher taxes.

(2) The conservatives among us will refuse to fund the socialist agenda that is being jammed down our throats. We will find ways to reduce our taxable income.

For my part, both factors apply to me...

[rabscuttle385]

*Ping!*

[CottonBall]

But 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.

I"m glad someone broke down the numbers. I knew it wouldn't work, but having the facts always helps.

On top of this, increasing taxes will make a good percentage of those decide to quit working so hard. Punishing succeess lead to less of it.

And there will be less making $250,000 this year and next because of the economy. The Dems are doing exactly what CA is doing: raising taxes during a recession and it will likely lead to lower revenues than if they had rewarded hard work.

[dervish]

Obama is also planning on eliminating/reducing many deductions including state and local taxes and charities. He is like a bull in a china shop. He is wrecking this country.

[Hoodat]

Who is John Galt?

[jveritas]

Once the Bush tax cut expires all tax payers are going to pay much more in taxes. The socialists are not going to extend the Bush tax cuts for people making less than $ 250,000 a year. These socialists could not give more than $ 8 a week and for one year only for those making $ 75,000 or less so never ever expect them to extend the Bush tax cuts that provide thousands of dollars in tax cut for each tax payers. It is against the nature of socialists to cut taxes.

[Incorrigible]

Bump

[PSYCHO-FREEP]

Going after Capital Gains and Dividends.......

Now that will surely rev up the Stocks and Real Estate market by golly! With a tax increase like this, who needs financing? Most people will avoid Wall Street like the plague.

[longtermmemmory]

Just wait in 1 year 6 months during the congressional elections, democrats will be spinning that the tax INCREASE is really a tax CUT.

all those useful stooges are going to be really happy.

and what is going to happen when INFLATION MAKES 250,000 tommorrow the same as 20,000 today?

Obama voters are delusional.