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The Public Policy
‘Bait and Switch’ Taxes
Those who think President Obama’s tax hikes will spare the middle class are only deluding themselves.
(Page 2 of 2)
COPYRIGHT 2012 CREATORS.COM
About the Author
Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University, Stanford, CA 94305. His website is www.tsowell.com. To find out more about Thomas Sowell and read features by other Creators Syndicate columnists and cartoonists, visit the Creators Syndicate Web page at www.creators.com.
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Nancy in NC| 9.5.12 @ 7:50AM
One of the fundamental failures of the left is an inability to understand human nature. If taxes are raised on the "rich", the tax lawyers will have a field day figuring out ways to hide their wealth.
I am not wealthy, but I will struggle to contribute to my IRA rather than send money to the government. Those who can afford to do so will find creative ways to avoid paying excess taxes.
Let's face it. The idea of raising taxes on the wealthy is not to raise revenue, but to appeal to the envy of his base. But who's surprised? Obama seems to appeal to those who need someone to hate...anyone who disagrees with him.
Pecos Pete| 9.5.12 @ 8:31AM
Re 401K/IRA...
Get ready for the federal grab-a-mint to confiscate all 401K/IRA accounts. They will take the money and guarantee you a return of X% thus making your retirement investment, umm, safe.
And then they will redistribute your savings to those who have been unfairly treated. It is only fair, you know?
Darin| 9.5.12 @ 1:07PM
This is a fear which has been repeated over the years. While there are some in government who have just such an attitude, I don't see it actually happening. The outcry would be huge, and everyone would immediately pull their money out and pay the one-time penalty, thus destroying the economy. However, this still bears attention as some at the federal level do indeed seem intent on destroying our country.
Mike G| 9.5.12 @ 2:49PM
Our rights have been eroding away for decades because people believe that something won't happen. Who would have thought that the government would tell us that we had to wear seat belts in our own vehicles? Or talk about God in a public building? Or tell a property owner that they can't build because it would not be good for animals? Or what kind of light bulb one can use? Or that everyone had to buy healthcare? Are we going wait until the government confiscates our IRAs before we are willing to stand up and say ENOUGH?
Von Mises Jr| 9.5.12 @ 7:57AM
As Obama told Medvedev, "I can be more flexible after the election. It will be my last one."
While Dr. Sowell is completely correct, I take a more cynical view after watching the last Democrat President go back on his promise whining that he never worked so hard in his life to cut taxes, but SORRY.
If your family has an adjusted gross income of $70K ranges, you taxes will go up $4,200 next year if the current rates are not extended. If you earn $100K and after deductions have $6K month income before taxes, why would Obama want to give you a tax break? Wake up and smell the coffee! He does not have to, he is already secure for four more years and his leeches and stupid admirers are expecting to be rewarded for their support.
Even if you are not a business owner, your burden will go up by 3.8% with the new ObamaCare employer tax. So that $4K raise you were expecting is going to DC to pay for health care for illegal aliens. Am I the only one not so naive to figure out that $100K gross income is the top 1% to a globalist "One World Government" socialist?
Who Knows?| 9.5.12 @ 11:25AM
Keep up the great work, Dr. Sowell.
You're a national treasure.
JD| 9.5.12 @ 12:08PM
A rare disagreement with Sowell. Saying people making under $1,000,000/year aren't "millionaires" is false - many almost certainly have a net worth over $1,000,000.
Still, of course, many more don't. In fact, through the sale of one-time assets, many who make such amounts of money do so only once in their lives.
JD| 9.5.12 @ 12:09PM
Most Democrats aren't even conscious of the fact that they accept without question the notion that the purpose of tax policy should be to maximize federal revenue. This notion is absurd, and was recognized as such by both parties until recent history.
The maximization of private wealth has not been on Democrats' radar for generations.
Darin| 9.5.12 @ 1:10PM
Nearly 50% of the population pays no income taxes, and they vote Democrat. Hence, seizing what others have earned is not on their radar. Ultimately short-sighted and suicidal as there will soon be nothing left to seize, but such is irrelevant when you feed at the government trough.
Petronius| 9.5.12 @ 7:41PM
The economically illiterate boobs don't give a rat's rear about the dynamics of taxation. They care about the standard of living the rich enjoy that they do not. Value is relative to what they believe they deserve regardless of an employer's ability to pay. And "Social Justice" means satisfaction at the expense of their betters. My neighbor said he will vote for Obama for the sole reason that he promises to tax "the rich." Such is the maturity of the electorate.