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  • Taxing Like It's 1978

    Yesterday we noted that the U.S. has the second-highest corporate tax rate in the world. Currently, Americans’ personal income tax burden is not nearly as bad, but under Sen. Barack Obama’s tax plan, it would be.

    Combining Obama’s promise to end the Bush tax cuts with his promise to uncap the Social Security payroll tax for those making more than $250,000, the Tax Policy Center notes that Obama would create a top marginal rate of almost 60 percent. The top rate would exceed two-thirds and could even approach 70 percent for citizens who work in high-tax state and localities such as New York City and parts of California.

    Commenting on Obama’s tax-raising plans, Paul Krugman writes: “[I]t would push tax rates on some high-income Americans back to the levels of the 1970s.” For those of you unfamiliar with Krugman, he meant that as a compliment.

    Cross-posted at The Next Right.

    Posted in Economics [slideshow_deploy]

    5 Responses to Taxing Like It's 1978

    1. Lynn Sliwinski says:

      I am very afraid of Obama. Everything that comes out of his mouth comes from Karl Marx's communist manifesto. I am a 13th generation American. I could be a Daughter of the American Revolution. A Constitutionalist! I want to know where Warren Buffett told him to hide his money so that he himself didn't have to pay.I will not put any money in that kind of government!

    2. Marcus McIntire says:

      This is coming from a man the Media boasts is new and inspirational. There is nothing new about him. I would bet that in his back pocket, he keeps a copy of the "Liberal Playbook." Since it seems that is where he gets much of his poicies from. He is using the usual class-envy politics and entitlement programs that I have seen in every Democrat in my lifetime(30 years).

    3. Dail Puckett, Bright says:

      My heart goes out the the poor of this nation. However, the poor do not create jobs, invest in our future nor do they bring new technology to the marketplace.

      Taxing the rich is counter-productive. They already pay the bulk of the taxes paid to local, state and federal government. Tax increases on the "rich" get passed on to the "poor" in the form of higher prices, higher unemployement and lower wages.

      I am tired of hearing the terms Liberal and Progressive used to describe the left. Why can't these Social Democrats stop sailing under false colors and call themselves what they really are…Communists.

    4. Harry in Chicago says:

      Dail, well said indeed.

    5. Mike Pease, Rocky Ri says:

      Obama needs to understand that we need more businesses and less government. As a small business owner I find it ridiculous to keep taxing the American people at these absurd rates. The small business owners/entreprenuers are looking to create jobs which help all of America. When we are overtaxed it generally means that we can create fewer jobs and thus the downward spiral begins.

      OBAMA-let the people invest in themselves and not the government. Our track record is much better than the governments!

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