Monday, March 02, 2009

"Why kill yourself working if you're going to give it all away to people who aren't working as hard?"

Upper-Income Taxpayers Look for Ways to Sidestep Obama Tax-Hike Plan:
President Barack Obama's tax proposal - which promises to increase taxes for those families with incomes of $250,000 or more -- has some Americans brainstorming ways to decrease their pay, even if it's just by a dollar.

In the wake of Obama's tax proposal being unveiled, some Americans are doing everything they can think of to fall beneath the $250,000 mark so they don't have to pay more in taxes under the plan.

A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.

So far, Obama's tax plan is being looked at skeptically by both Democrats and Republicans and therefore may not pass at all.

"We are going to try to figure out how to make our income $249,999.00," she said.

"We have to find a way out where we can make just what we need to just under the line so we can benefit from Obama's tax plan," she added. "Why kill yourself working if you're going to give it all away to people who aren't working as hard?"
Exactly. And guess what? These people aren't going to be screwed because they earn a little less. But their employees might. Consumers will. Here's someone consciously decided to engage in less commerce because of tax increases. And she's not alone. Eventually, however, there won't be enough revenue produced by raising taxes on those earning $250,000+ per year (aka the "rich"!) and as such, the tax rate increases will be extended to those earning less than $250,000/year. Then we're all screwed even more.