Political Football

Under Obama plan, tax burden shifts to the wealthy

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How biased a headline is that. Finally the Rich are Taxed their fair share.  Seriously? That is sick; and it is wrong.

Yes. What Larry Kudlow says. Read here a bit posted here:

Study after study over the past several decades has shown how countries that spend more produce less, while nations that tax less produce more. Obama is doing it wrong on both counts.

Many people making in the $250,000-$500,000 (lower) range of what will see increased taxes are the local store or business owners you see hiring people (or not if they have to pay more taxes).  The higher brackets? Oh they just create more jobs… What don’t Democrats get?  You tax you lose businesses.

The share of the richest 1% jumped to 20.8% of total income in 2000, from 14% in 1990, but increased only slightly to 21.2% in 2005. This makes it hard to pin their claim of “rising inequality” on the Bush tax cuts, though the income redistributionists are trying. By this measure, the Clinton years were far worse for “inequality.”

Notably, however, the share of taxes paid by the top 1% has kept climbing this decade — to 39.4% in 2005, from 37.4% in 2000. The share paid by the top 5% has increased even more rapidly. In other words, despite the tax reductions of 2001 and 2003, the rich saw their share of taxes paid rise at a faster rate than their share of income. How could this be?

LINK to rest of article

to me, the President is trying to start some type of class warfare.

Attributed to Margaret Thatcher:

“The problem with Socialism is that eventually, you run out of other people’s money.”

Maggie where are you!

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