Why, in the year 2009, with democrats controlling the entire federal government would any American strive to become a millionaire? Fox News reports that if the House health care bill passes, any American making more than $1 million will be taxed at a whopping 45%!
House Democrats scrambling for ways to pay for overhauling health care would raise taxes on the wealthiest Americans to levels not seen since the 1980s, breaking one of President Barack Obama’s campaign pledges.
The tax increase would be limited to the top 1.2 percent of earners — families that make more than $350,000 a year. But it would raise a total of $544 billion over the next decade, covering a little more than half the cost of the health care plan.
The bill unveiled by House Democratic leaders Tuesday would create three new tax brackets for high earners, with a top rate of 45 percent for families making more than $1 million. That would be the highest income tax rate since 1986, when the top rate was 50 percent.
The plan would honor Obama’s campaign promise not to raise taxes on families making less than $250,000. But it would break an Obama pledge that no one — including the wealthy — would pay higher taxes than they did in the 1990s. The pledge, as listed on Obama’s campaign Web site, was: “No family will pay higher tax rates than they would have paid in the 1990s.”
Democrats argue that high-income families fared well under President George W. Bush’s two terms as their taxes dropped and their incomes soared, giving them the ability to absorb higher taxes. Republicans argue that the tax increases would hurt small business owners who typically pay their business taxes on their individual returns.
Rep. Charles Rangel, chairman of tax-writing House Ways and Means Committee, called the plan “the moral thing to do.”‘
Rangel can call it the moral thing to do, but while rich folks may not be able to control tax rates, they certainly can control how much money they choose to earn. These misguided tax policies are completely inane! No extra revenue will be raised, the producers in society will simply produce less. Don’t they understand human nature? As usual, the burden will fall on the middle class in America. It’s time for the middle class to wake up. Without the wealthy, we won’t have a middle class.
