CA Renter, there is “progressive” and there is “punative”. We already have progressive. A much higher percentage of our household income is paid in state/fed taxes (including counting property and sales taxes) than 98% of the country.
I’m ok with that. But not the punative levels that Obama seeks. And I admit I have a thin skin with all the constant, unchallenged press that the “rich” somehow do not pay their “fair share” or have some magic loop holes. More than 40% of our total household income for 2007 went to fed/state taxes. Obama wants to push that number close to 60%, and the California legislature wants in on a few more percent as well.
But just for the over $250K crowd. No one else should pay anything more – in fact, they should pay less!
I don’t know if Obama will win (although I assume he will), or whether Congress will ultimately give him all the increases he wants, but if so, I’ll think we’ll see some of the Lauffer curve action take place. I know we will in my household. Working 60 hour weeks is no fun, but when you give most of the proceeeds to thge government, forget it. And, again, so what if it costs some jobs, because this is not about good economic policy; this is about class envy.
If Buffet or Barkley or whoever wants to pay more, please ask them why they are not voluntarily doing so right now. Nothing is stopping them. Gates has already accumulated his wealth, and is no doubt doing a much better job spending it through his charities than the U.S. and Washington state governments could possibly do. The higher the tax rate, the more he gives away to offset the difference.
