If I could describe it in one word: Unfair.
Obama is the presumptive Democratic nominee and leading in the polls against McCain. So, if he wins the election, what does he have in store for us?
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Obama’s tax plan has two major components. First, he promises to end the Bush tax cuts, allowing the top two tax rates to return to 36 percent and 39.6 percent. Second, he promises to end the Social Security payroll tax cap for incomes above $250,000. Individuals making more than $250,000, therefore, would face a 15.65 percent tax rate from payroll taxes in addition to a top income tax rate of 39.6 percent for a combined tax rate topping 56 percent. Individuals living in cities or states with high taxes such as New York City or California would have tax rates approaching 70 percent, levels not seen since Carter was president.
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So Jimy Carter levels of taxation. Just what out ailing economy needs! Obama's plan will give us the second highest tax rate among the top 30 industrial nations.
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Under Obama’s plan, the top marginal tax rate would exceed 60 percent, which means only Hungary would have a more punitive tax rate. Hungary’s 2006 unemployment rate was 7.5 percent.
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I doubt Obama will settle for being number two though, and we'll soon have the highest taxes in the world. To this, we can add the windfall profit tax he wants to impose on "big oil" that will raise gas prices. We can also throw in carbon taxes or cap and trade which will further drive up the cost of energy. Oh, let's not forget biofuel mandates that like the ones that are currently driving up food prices and causing shortages all over the world.
Who cares if its change for the good or not. As long as there's change, right?
Source:
Morning Bell: The Tax Man Cometh The Foundry