According to the Christian Science Monitor, based on Census Bureau info, there are approximately 6 million American families that make over $200,000 per year. (The information didn't give an "over $250,000 per year" number.) The combined income of this "rich" sector of American families in 2011 was roughly $3.5 trillion per year.
Now President Obama is calling for a $1.5 trillion tax increase to fix our problems. "Wait! Did you say $1.5 trillion?" Yes, but don't worry. He only plans to tax that "over $250,000 per year" group. So, if he can just convince Congress to change their tax rate to ... let's see ... 3.5 divided by 1.4 ... 40%, it should all work out fine. That, by the way, is a 5% (or so) increase over the current rates, so the difference between what they now pay and they will pay will be a huge $34 billion. No, not much. But it will surely be our salvation. Yeah, that seems fair.
No, no, you "middle class" folks don't need to worry. It won't affect you. As Investors Daily explains, while 3% of small businesses make up Obama's "rich", they employ 54% of the total private American workforce. They are, as it turns out, America's job creators. Ernst & Young report that this tax increase would likely cost 700,000 people their jobs while these hard-hit entrepreneurs cut costs and hold off hiring and investing due to a hostile tax environment. But, trust the president. He said it won't affect the middle class or small businesses and you can rest assured that 97% of them won't be affected. Let's just hope that you're not working for that 3% that are. And since the government has decided that taxes are the answer to money woes, are you sure they'll stop at "the rich"?
But, hey, not to worry, because at least the poor won't be affected. But wait! The president's plan would be to reduce the tax benefits for the wealthy in things like mortgage payments and charitable contributions. Do you think that will have no impact on charitable giving from the rich? And who loses when they don't contribute?
But, not to worry. It's just the evil wealthy in the crosshairs here. As long as you have yours, you can wag your finger at those rotten rich and taunt, "You thought that you had yours, didn't you?" We who aren't rich can take a much higher moral ground, you see. And we who make less are safe. I think. Right?
2 comments:
And correct me if I'm wrong, but 34 billion is nowhere near 1.5 trillion. I mean, 34 is certainly bigger than 1.5. Where's the rest of the 1.4 trillion going to come from? Didn't we already have one revolution because taxes were too high? And what debt counselor is telling him, increase your income and maintain your spending, that'll fix all your problems. Doesn't matter that the 2 numbers still aren't anywhere near each other.
I think that people underestimate the ultimate impact of these small changes. I saw a sign around here asking me to vote for a "penny" tax... cause it was "for the children". Of course I voted no, as did the majority because it was soundly defeated; but that "penny" represented much more than a penny, as does 5%. Let even a poorer person be told that, "yes, you're getting a pay cut, but hey, it's only a 5% pay cut.".
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