Upper Income Americans Ask: Why Work as Hard? (Capitalism Death Watch™)

ABCNews ^ | Emily Friedman

[quesney]

President Barack Obama's tax proposal – which promises to increase taxes for those families with incomes of $250,000 or more -- has some Americans brainstorming ways to decrease their pay, even if it's just by a dollar.

In the wake of Obama's tax proposal being unveiled, some Americans are doing everything they can think of to fall beneath the $250,000 mark so they don't have to pay more in taxes under the plan.

A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.

So far, Obama's tax plan is being looked at skeptically by both Democrats and Republicans and therefore may not pass at all.

"We are going to try to figure out how to make our income $249,999.00," she said.

"We have to find a way out where we can make just what we need to just under the line so we can benefit from Obama's tax plan," she added. "Why kill yourself working if you're going to give it all away to people who aren't working as hard?"

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And get this. The attached reader poll question is: s it fair to reduce high salaries to sidestep President Obama's tax proposal? Share your opinion with ABCNews.com. (like taking someone else's income because you think it's too high is fair).

[Professor_Leonide]

Most people who are high earners are also ambitious and above average in “brain power”. Usually, they can figure out a way to protect their finances and will land on their feet. BHO’s plan isn’t directed toward high earners, his plan is designed to enslave a vast majority of Americans, I kid you not.

Even people earning much much less than $250K will be looking for ways to keep more of their money in their own hands and not in the rapacious and unaccountable leviathon state!

[Washi]

Atlas Shrugging.

[Professor_Leonide]

The poll will come out exactly the way ABC wants it to because all their journalists are voting a dozen times each and their IT guy will delete the opposing votes. If someone writes in with a politically incorrect comment, that will be highlighted as the voice of those opposing “Our Dearly Beloved” Chairman BHO’s benevolent improvement taxes.

[expat_panama]

The idea that the rich won't 'work so hard' is pure socialism.    US rich people love work, the only question is which work.  In my own case, I'm wondering if my working only in the US is going to keep being the most productive, or do I have to think about working elsewhere for a couple years...

[2banana]

Socialists are funny people - they think the smart and hard working people will just work the same (and be dumb) as the government takes more and more of their income...

[villagerjoel]

Digg it!

http://digg.com/business_finance/ABC_News_Upper_Income_Taxpayers_Look_for_Ways_to_Sidestep_O

[snowrip]

I’m done.

We’re putting our house on the market in the spring, and downsizing to a no-income tax state. If the proposed tax hikes go through, I’ll be closing my office and letting most or all of my employees go, and I’ll no longer work my ass off for eighty hours a week. My family’s plans are already in place.

I will be perfectly happy to accept a lower standard of achievement if it means I am no longer a slave to a tyrannical despot. I refuse to be a slave, and I refuse to be an ATM for this dictatorship.

If you are just beginning to think about doing the same thing, it is time to get a move on. Talk to your accountant, and create a strategy with your family based upon sound professional advice. Put money away. Plan for a future that may see our economy get far worse.

The time is now.

[henkster]

I did my taxes last Friday night; yeah, that’s how I wanted to spend my Friday. I owe. Boy, do I owe. My punishment for making more money in 2008 than 2007. After discussing with Mrs. Henkster, she said “let’s not make as much next year.”

I think a lot of people feel the same. You are going to see a lot more bartering, and a lot more under the table cash.

That’s why tax rate increases NEVER yield the projected revenue, and why rate decreases ALWAYS increase the actual revenue. Of course, we all realize that this was NEVER about revenue at all, but rather about control.

[grobdriver]

The beginning of the evidence of why Barry’s Socialistict plans just don’t, and won’t, work.

Also very reminicient of a similar attempt by the early settlers in Jamestown.

[bcsco]

The idea that the rich won't 'work so hard' is pure socialism. US rich people love work, the only question is which work.

Ever heard of bartering?

[a fool in paradise]

I have a question for Hollywood, IF they are going to push for so many Socialized programs and such “soak the rich” tax schemes, how many of them will forgo their tax shelters, high dollar accounts, and give sizeable charitable contributions to charities that benefit the poor or sick?

[yefragetuwrabrumuy]

There are several angles to this.

First of all, the “fast money schemers” will scream loudest, because they are reliant on convincing others that they will “get rich quick”, and this will diminish the pool of suckers.

Second, investors will shift money. Ordinarily, into tax free investments, but because risk is so high right now, into “wealth preservation” safe harbors. This is a big part of the Laffer curve, when people are more afraid of taxes than they are of not earning more money.

Third, those “above the line” will want to shift to “below the line”, both with deductions and “horizontal shift” of their income to non-taxables and deferred benefits. They also start adjusting their spending vs. savings ratio.

So not only don’t the rich not get soaked with higher taxes, with resultant higher revenues for government, but adjust so that government gets less revenues across the board.

[green iguana]

The poll will come out exactly the way ABC wants it to

The poll's running about 90% YES, it's fair to cut your income to avoid taxes. That the way you think ABC wants it?

[Nervous Tick]

>> The idea that the rich won’t ‘work so hard’ is pure socialism. US rich people love work, the only question is which work.

Absolutely. They won’t stop working hard, they will simply shift the way in which they recognize the fruits of their efforts towards things that are taxed less.

What is it about this that Bambi and his syncophants don’t get?

[tstarr]

I hear you! We are under the $250K mark, but already see a bunch of deductions and credits that we don’t get because we make too much money. My wife and I have taken measures to reign ourselves in, reduce spending drastically, and put cash away. If we get our situation good enough, and the government continutes to make things bad enough, my wife can quit and bring our income way down and improve our quality of life.

We moved to Florida 2 years ago (no state income tax) and have greatly reduced our eating out and other discretionary spending. We will be nearly debt-free except our house in the next several months. It sure makes it easier to reduce the amount of work to support the state.

Maybe my wife can spend more time working for conservative candidates with her new-found spare time! :-)

[doodad]

You are going to see a lot more bartering, and a lot more under the table cash.

Yep, that is my plan. I have several skills that work well for that.

[thecabal]

And get this. The attached reader poll question is: s it fair to reduce high salaries to sidestep President Obama's tax proposal? Share your opinion with ABCNews.com. (like taking someone else's income because you think it's too high is fair).

Wow. What's the implied alternative to this?

[Hoodat]

Who is John Galt?

[MrB]

They AREN’T dumb, they may be ideologically blinded, but they’re not dumb.

So, it must be something else, like, they KNOW that the results won’t be what they’re stating as their goals,

and they have OTHER GOALS IN MIND.

Control. Power. Enslavement.