Soaking the rich doesn’t work

[Rajoo]

Originally Posted by whell

http://www.detroitnews.com/story/opi...work/22178585/

In making his pitch to soak the rich, Obama didn’t mention the more than 20 tax hikes on the wealthy he’s already imposed (some of which also hit the middle class).

He’s increased the top income tax bracket to 39.6 percent from 35 percent; increased the capital gains tax to 20 percent from 15 percent; and phased out tax credits and exemptions for wealthy families.

To fund Obamacare, he’s imposed on top earners an additional 3.8 percent tax on investment income, a .9 percent increase in the Medicare payroll tax, as well as other new levies.

The government may have got richer from the new taxes, but average Americans have lost ground.

That’s because the government is an inefficient Robin Hood. When it raises taxes on the wealthy, they tend to look for ways to shield their earnings from the taxman. Revenues to the government get a short-term boost, but the historic pattern is that they fall in the years after a major tax hike.

AMEN!

Congress levies the taxes, not the President. I thought you knew that.

[sheltiedave]

I agree, let's not soak the rich.

Let's move the tax rates back to the lowest level when Reagan was in office.

[whell]

Originally Posted by BeamOn

Congress levies the taxes, not the President. I thought you knew that.

many of those taxes discussed in the article are from Obama's signature piece of legislation - Obamacare, or the PPACA. I thought you knew that.

[Rajoo]

Originally Posted by whell

many of those taxes discussed in the article are from Obama's signature piece of legislation - Obamacare, or the PPACA. I thought you knew that.

PPACA was a specific legislation, not an executive order correct and who passed it?
The tax increases you are referring to were probably a result of the Bush tax cuts expiring. Who allowed that? And who put those sunset clauses and why?

The title of the article in itself is meant to be misleading. It's the wages and not the tax burden alone that is hurting the middle class.