Posted on 03/03/2009 6:23:29 AM PST by mathprof
PRESIDENT Lyndon John son's administration was known for his War on Pov erty. President Obama's will become notable for his War on Prosperity.
We're speaking, of course, of Obama's plans to hike income taxes on the most wealthy 2 or 3 percent of the nation. He's not just raising the top rate to 39.6 percent; he's also disallowing about one-third of top earner's deductions, whether for state and local taxes, charitable contributions or mortgage interest. This is an effective hike in their taxes by an average of about 20 percent.
And soon the next shoe will drop - he'll announce that he's keeping yet another of his campaign promises: to apply the full payroll tax to all income over $250,000 a year. (Right now, the 15.3 percent Social Security tax only applies to the first $106,800 of income - you neither pay the tax on income above that, nor accumulate added benefit.) For many taxpayers in this bracket, this hike will raise their total taxes by about half.
Finally, he's declaring war on investors by raising the capital-gains-tax rate to 20 percent.
These increases are politically insignificant: The top 2 percent of the nation casts only about 4 percent of the votes, barely enough to attract the notice of even the most meticulous pollsters.
But they have enormous eco nomic significance. Those who earn more than $200,000 pay almost 60 percent of America's income taxes and account for a third of its total disposable income. If these spenders and investors are hunkering down, waiting for the revenuers to beat down their doors, their confidence will be anything but robust. Their spending will drop; they'll be unlikely to invest (except in new tax shelters).
Franklin Roosevelt's presidency was marked by an emphasis on recovery in his first term...
(Excerpt) Read more at nypost.com ...
Well, we can't say he didn't warn us.
http://hotair.com/archives/2008/11/02/obama-ill-make-energy-prices-skyrocket/
Strolling down memory lane, he warned us a year ago in surprisingly frank terms.
Even Biden warned us that we might not like what they are doing to fix things, but give them a chance. I wonder what Joe thought they would do that we wouldn’t like.
Obama is an evil, cruel man. Where is his compassion?
The war on poverty 80 years and a loss. The war on prosperity 30 days and a complete success. The libs really know how to pick em and win em.
Oh, I just love that!
On the bright side RINO punishment has really been on the uptick...
I often disagree with Dick Morris, but this time he is spot on. Our nation elected an ideologue, not a pragmatist. The decline in the stock market since his election reflects the market’s understanding that the destruction of the ability of the entrepreneurial and investing class to accumulate wealth will permanently impair our economy.
One thing they didn’t tell you is that they are hiring hundreds of IRS agents to help track down people and monitor their incomes. Hang on people......the dictator will be knocking on your door.
Lol, I hear Willy Nelson’s song, “On The Road Again” in my mind!
Give that poor horse a feed sack!!
They will probably crack down on those that have made over 200K in the past years and have decided to cut back earning a higher income under Dear Leader.
They will make you go back to working harder by force, or else.
Top photo is good. I have been calling the US that now for quite a while.
Wait until people figure out that their $13 a week “tax cut” isn’t really a tax cut at all, but an advance on whatever refund they might have expected to receive next year. All the government did was to adjust the withholding tables, without changing the underlying rates. You’d think they’d have already figured it out, but undoubtedly some will be mightily p.o.’d when they do their taxes next year.
Obama’s compassion is not for Americans. Obama thinks that he is the world’s messiah, not the messiah of the USA.
I quit watching, at least it can’t go any lower till March 4th. heh
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