Lunch Break with Jake: 10/30/08

By | October 30, 2008

Well I missed my noon posting yesterday as a result of being out with the start of a cold.  Not getting any writing done last night or the night before didn’t help me keep up.  However, I am back today so all is well.

Well I think it is time for a followup on my “Tyranny of the Majority” piece.  I have gotten pinged with a few questions on why I so highly doubt the whole “We have to save the little guy from the rich” crap.

It basically boils down to, no matter what the definition of “rich” is now, we know darn well that bar is going to get lower and lower till anyone making anything above the bare minimum is “rich” and needs to be taxed more.  What was getting thrown out for a while in the campaign was $250,000… that bar has already been dropped.

Click here to view Rob’s Post on this issue.

Obama’s been lowering the bar on his tax plan.  Where he once claimed that only Americans making over $250,000 would see tax increases, he’s now down as far as $200,000 and maybe even $150,000 if his running mate Senator Foot-In-His-Mouth is to be believed.

But one aspect of Obama’s tax plans have been ignored.  See, Obama and his comrades are also promising to let the Bush tax cuts expire.  If that happens, we’d see massive tax increases for Americans making as little as $50,000/year.

So how does Obama get away with claiming that nobody under $250,000, $200,000, $150,000/year?  Because Obama and the Democrats don’t consider letting the Bush tax cuts expire a tax hike.

Despite the fact that if they expire people making as little as $50,000/year would see a tax increase of about $1,512/year.

So – with the Bush tax cuts probably going away, (this is for certain under Obama) and that bar dropping lower and lower, we have plenty of reason to be afraid of this “Spread the Wealth” mentality.  The way to get more taxes to support all of these big government plans is to increase the tax base.  The way to increase the tax base is to broaden the definition.  Government by nature will not voluntarily reduce it’s size.

Think for a little bit before saying “Well I don’t make $250k a year so it won’t matter.”

[tags]olorinpc, Sayanythingblog, Taxes, Elections, Obama, Tax Hike[/tags]

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