Thursday, October 25, 2007

Democrat to upper middle class: DROP DEAD

Do you make $150K a year? Guess what, you are officially rich by the new Democrat standard. Congrats. Now get your checkbook out. You will be paying and paying real good like. Not only will your marginal tax rate rise from 28% to 31%, you will now also pay a 4% surtax. You know how it goes, being successful is a crime these days. Anyone making over $40K a year must be cheating or stealing. This surtax is the penalty for you daring to make something of yourself. It is the penalty on your success and hard work. After all we all know that at $150K a year you burn $100 bills to light up Cuban cigars while sipping your 1929 vintage wine all the while toasting evil and the death of baby seals. You can afford an extra $10K in taxes. That's chump change for a high rolling 6 figure earner like you. And besides it's not fair that you make so much while others struggle.

Worry not though, it's all for a good cause. "Low income" people will get even more freebies. More "free" health care. More welfare, more of everything. If Hillary has her way they'll also get $5,000 per kid. Since that is what we need more of...poor people having more kids.

Do Democrats have even a pinky of capitalism left in them? Is there any resemblance left to the party of JFK or FDR? John Kennedy said this on Dec 14, 1962 at a speech in New York:

The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system — and this administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes


Is there one Democrat alive who would say that today? Sadly I don't think so and I can't imagine one existing again in my lifetime.

4 comments:

Anonymous said...

In coastal areas $150,000 is middle class. I don't see this proposal going very far.

Scott said...

If you are going to quote an article, at least get your facts right...

"With the repeal of the AMT, the majority of taxpayers with AGIs under $500,000 would pay less than they would under current law, the Tax Policy Center estimates. Under current law, the Bush tax cuts would sunset by 2011 and there would be no patch for the AMT."

Your blog argues that people making $150K are going to pay more, which is it?

Ed said...
This comment has been removed by the author.
Ed said...

Scott,

You cannot believe that Democrats will be cutting taxes for high income earners. They are playing a shell game which I would hope more people could see.

I pay $100 in taxes now. If I am hit with the AMT I'll pay $105. They will repeal the AMT and get me back to $100. But as soon as I'm back to $100 they will raise my marginal tax to 31% and add a 4% surtax taking me well past $105.

And of course once they're done there, they will raise the SS cap, meaning yet another $6200 in taxes there.