Thursday, February 26, 2009

Do the math

O.K., as BestView understands it, Obama wants to cut the deficit by raising taxes on all of us who earn more than $250,000. He ran on that and he won, so passing such a tax increase seems fair--assuming the voters are smart enough to understand what is going on. That assumption is not warranted, but we can save that for later. For now, lets do the math as the Wall Street Journal did today. In 2006 if we had confiscated all of the income from everyone over $500,000 Congress would have an extra $1.3 trillion dollars which would smaller in the coming years if the recession continues, but it would pale severely to the $4 trillion Congress expects to spend in 2010 when Obama says he will have cut the budget deficit in half.
So, even if we take it all, the deficit will be gigantic and the government will come after your money if you make a lot less than $250,000. Count on it.

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