High earners are planning to reduce their incomes so that they will not have to pay as much in taxes.
This, of course, not only means that some people will take an income hit. It also means that an important segment of the population will be less productive economically. Cumulatively, this could have a very bad effect on the economy–especially when one considers its current parlous state.
“Heck of a job,” indeed. A purposeful economic saboteur could not do a better job at undermining the economy than this Administration is doing.
But how could they ever foresee it?
momac Tuesday, March 3rd at 2:28AM EST (link)How could they ever know there’s a limit to what people will take before they decide to just take it easy? You can’t say Biden or Obama should have known better, they haven’t ever been anywhere near running a business.
And this productivity they are driving out– it’s never coming back. Once they take an extra day or week or month off, that month of productive work is gone forever, along with every other peripheral piece of work that inevitably follows people that produce over $250K.
This isn't even news to me.
Praying Tuesday, March 3rd at 8:18AM EST (link)My friends and I were discussing this last fall. After the Joe the Plumber incident, we knew that $250,000 (or was it $150,000, or even $100,000) would be the magic cut-off. Friends who owned businesses started to “downsize” last fall. I wonder how much of the current unemployment is due to these forward thinking, self-protecting business owners? Way to go, Obama. What are your plans when Atlas Shrugs? The time is here - we are not going to put up with this. Americans are a proud and independent lot. We have an incredible work ethic, when we stand to gain from our work. But to work harder, to have the fruits of our labor handed over to some sloth? That is unAmerican, unChristian, and generally, a very very bad policy. Pretty much what we expected from this administration.
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What makes you think he isn't a "purposeful economic saboteur?" nt
Achance Tuesday, March 3rd at 8:23AM EST (link)In Vino Veritas
I second the question. nt
Rod_Patrick Tuesday, March 3rd at 8:26AM EST (link)I think Obama mis-judged
izoneguy Tuesday, March 3rd at 8:39AM EST (link)I think the power behind Obama was a “purposeful economic saboteur”. The plan was probably to hurt the economy enough to win the election. But they went to far and now they will have producers stage a “purposeful economic strike”. Over at Michelle Malkin there was a thread about what people are doing - from staying under the $250,000 cap to having multiple business’s - if you are self employed you can hire your wife & kids to spread the income around. I am not an accountant so please find one and see what best fit’s your situation. Bottom line - be as productive as you can be. Just find ways to not give Obama his CHANGE.
“When the government fears the people, there is liberty. When the people fear the government, there is tyranny.”
Thomas Jefferson
Not smart enough
MikeO Tuesday, March 3rd at 9:21AM EST (link)Teleprompter Jesus has the maturity and intellectual capacity of a middle-schooler: If he can conceive it, he will believe it. If it doesn’t work, then it’s because the dummies he tasked with its execution must be doing it wrong.
Don't underestimate these people.
Achance Tuesday, March 3rd at 11:46AM EST (link)You may not like what his intellect is about, but he has plenty of it and the people around him as well. You’re falling into the trap the Left made for themselves in decrying GWB’s “stupidity.” It fairly invited the reply, “but smart enough to beat you - twice.” BHO didn’t just beat the Republicans, he and Rahm Emanuel have all but destroyed us as a functioning Party at the national level.
In Vino Veritas
True
MikeO Tuesday, March 3rd at 1:02PM EST (link)But I think that he and they are dumb enough not to realize that there are absolute limits that constrain their reach.
At some point, “consent of the governed” is lost, and at the rate this runaway bus is hurtling down the mountainside, we can easily reach that point before the 4th of July.
The cities, home of the democrat urban base, are packed with people who have no idea how much has to go right every single day to provide the bare essentials of life like food, water, and sanitation and how much of these logistics depend on market capitalism. If he maintains course, the urbanites will be hurt the first and the most by the inevitable collapse.
I doubt that anyone anywhere near his inner circle understand this. Again, they are just like middle-schoolers who resent their parents without thinking about who provides their shoes, clothes, food, and allowance.
Obama wants the bailout to fail
DADvocate Tuesday, March 3rd at 10:41AM EST (link)The more businesses that fail and the worse the economic, health care, educational, etc crises become the more he can justify socializing everything. The sooner he does it the more he can blame George Bush.
Absolutely Absurd
omar Tuesday, March 3rd at 11:07AM EST (link)This is honestly, probably one of the stupidest things I have ever heard. This only makes sense if you’re right at the border. Otherwise you’d have to be an idiot to intentionally make significantly less money to pay somewhat less taxes. The percentage of people affected by the tax rate change is small to begin with, when you start factoring in people who would benefit from reducing their overall income it becomes such a small number that to place any blame on the policy as significantly impacting the economy because it somehow removes incentives to make more money is retarded. I swear, no one ever thinks about the scale of anything or any sort of big picture on the nature of production and economics.
Not Absurd
MikeO Tuesday, March 3rd at 2:15PM EST (link)I’m self-employed. I work a lot. I pay a lot in taxes.
My SEP IRA has gone down the tubes. I’ve lived responsibly within my means. Now, my taxes are going to rise and the value of my savings is going to be diluted by inflation to bail-out irresponsible parasites like Henrietta Hughes, that punk Julio at the McDonalds, that woman who said that Obama is going to pay her mortgage and her car note, and every Obama cabinet nominee who cheats on his taxes.
What is the point of 60-hour work weeks? What is the point of saving for a future that looks so bleak? What is the point of living responsibly when there is no hope that doing so is going to improve my lot?
I’m already halfway to Galt’s Gulch.
My dad
EmilyM Tuesday, March 3rd at 7:28PM EST (link)makes 250,000 a year and he’s asking for a reduction in his paycheck for this next year. It’s sad considering we were poor when I was small and he’s come all this way…only to get knocked back again.