This will make you cringe...

Posted by Striker at 4/6/2009 8:43 AM
Categories: uncategorized
Today's Financial Times has a very interesting write-up concerning the budget hole we're in.

Essentially, we're unable to fill it without a dramatic rise in taxes (which in turn slows down economic vitality, etc... - you know the rest.)

This is the part that made us want to throw up:

Mr Obama intends to squeeze the rich, but the scope for this may be more limited than US liberals would wish. Few Americans seem aware that the US income tax code, as a recent Organisation for Economic Co-operation and Development study showed, is already one of the most progressive.* Even before the rise in top marginal rates promised by Mr Obama, the US income tax collects 45 per cent of its revenues from the highest-income decile. Compare that with Britain at 39 per cent, Canada at 36 per cent, France at 28 per cent, Sweden at 27 per cent and an OECD average of 32 per cent.

...The US tax system raises comparatively little revenue; what little it raises already comes disproportionately, by international standards, from the rich.

The good news?  We are still taxed comparatively little as a nation.  The bad news?  We soak the rich more than socialized nations - and it's just going to keep getting worse!  Obama has already promised to raise taxes on the wealthiest even more.

Where does that leave us?

We'll never understand where it will end.  What is a "fair share" of taxes for liberals where the rich are concerned?  When is enough, enough?  Their insatiable thirst for power is never quenched.  This is where conservatives have it exactly right.  We are not "for the rich."  Instead, we come out for freedom, for individuals to escape the oppressive thumb of the government.

And what does Congressman Barney Frank want to do?  Cap ALL executive pay at $500,000.  Then where will you get your coveted tax dollars?

To top it off, our state then wants to raise taxes through eliminating Federal Deductibility.  News flash - at a time when New Yorkers and other Northeasterners are leaving by the droves because of high taxes, perhaps we should welcome them with open arms?

Nah, we'll just kick them out of a public hearing instead.

 del.icio.us  Technorati  Digg 

 

What did you think of this article?




Trackbacks
Trackback specific URL for this entry
  • No trackbacks exist for this entry.
Comments
Display comments as (Linear | Threaded)

Leave a comment

 Enter the above security code (required)

 Name

 Email (will not be published)

 Website

Your comment is 0 characters limited to 3000 characters.