You See a $163K Tax Bill; I See a Loophole

From The Wall Street Journal:

What does $6.5 trillion of additional debt imply for the typical family? If spread evenly over all those paying income taxes (which under Mr. Obama’s plan would shrink to a little over 50% of the population), every income-tax paying family would get a tax bill for $163,000. (In 10 years, interest would bring the total to well over a quarter million dollars, if paid all at once. If paid annually over the succeeding 10 years, the tax hike every year would average almost $34,000.) That’s in addition to his explicit tax hikes. While the future tax time-bomb is pushed beyond Mr. Obama’s budget horizon, and future presidents and Congresses will decide how it will be paid, it is likely to be paid by future income tax hikes as these are general fund deficits.

I’ve bolded that line for two reasons. First, it makes a point that’s often missed. Hate “the rich” and “upper class” all you like, but they pay the bulk of the taxes (even after cheating their way out of a fair portion). Secondly. Hello? Every income-tax paying family? Quick fix on my end. I’ll just quit being an income-tax paying family! Why pay taxes? My role models in Congress certainly consider the practice optional. As long as Obama doesn’t nominate me for a cabinet position, I’ll be fine!

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2 thoughts on “You See a $163K Tax Bill; I See a Loophole

  1. Excellent points.
    The same people who own companies, pay salaries and sit on boards of directors are the same ones that are hit up by every single city, borough, county and state government to pay “their fair share” of taxes. Despite populist belief, that pool of resources is finite. It CAN be too heavily taxed.

    Inflation, anybody? The greatest invisible tax increase ever, simply by making your money worthless? No? Just more taxes? Cool.

  2. You must listen carefully to every syllable when a pol or an adman speaks.
    Example: we will create or save up to 4 million jobs in the next four years
    or
    95% of working families will get a tax cut
    In the former, that is actually less than any administration since Hoover; in the latter, yes a tax cut but before you go out and spend it, recognize that it will just be shifted over to pay energy taxes in the cap and trade.

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