Obama is not proposing to raise the personal income tax. He is proposing to allow the Bush tax cuts on families making over $250,000 a year to expire. The Republicans wrote that expiration into law to conceal to hide the costs of their tax cuts. Under the law they wrote, the top marginal tax rate will go up from 35% to 39.6% in 2011.If a top marginal tax rate of 39.6% is socialism, then there are a lot of socialists in the world. For instance, Japan, South Korea, Australia, along with a lot of the OECD: all have rates higher than Obama is proposing. (Note: I just chose some countries at random. I'm sure I could have found more.) No wonder the world economy is in trouble! There's socialism and class warfare everywhere you look!
Monday, March 9, 2009
We're All Socialists Now
hilzoy offers some perspective on President Obama's tax proposals: