Monday, June 16, 2008
Obama's Tax Hikes
by Hugh Hewitt at 9:12 AM - Monday, June 16, 2008
Obama's vast array of proposed tax hikes --6.2% on every dollar above 102K in income, doubling the capital gains tax, bringing back the highest rate on death taxes etc-- would be a shock to the economic health of the country far more devastating than the run-up in gas prices because there are no ways to avoid or minimize taxes. The Obama plan would take a period of economic weaknesses and turn it into a recession or even a near depression.
21.8% of American families make over $100,000 per household, and 11 million Americans made more than $100,000 in 2005, with another 4 million in the income categories just below that level. Tens of millions of Americans strive to reach the six figure level, and if the cannot they hope their children will. Obama is planning to congratulate them on their achievment by adding an enormous burden to their entire careers: $6.20 out of every additional hundred they make off the top, then it is on the federal, state and local taxes on the rest.