Thought Of The Day: The Future Of Taxes In America
Here’s what most people don’t get about taxes
Eventually, the Lefties will probably get their way on taxes and they’ll get their new tax on corporate jets, raise the highest income tax bracket by 2-3 more points, tax a higher percentage of the “rich’s” income on Social Security, they’ll kill the Bush tax cut, and chip away at their income another half dozen ways. This will be a drag on the economy, hurt job creation, and punish small businesses.
Then, for most people, will come the real shock. Even after these tax increases on the “rich,” we won’t have paid off one dollar of the debt and the deficit will still be enormous and growing. That’s when most Americans will realize the terrible truth: The rich are almost tapped out already. The big money will actually come from taxing the middle-class.
The people who are out there screaming, “Spend more and tax the rich to pay for it?” They have no idea what they’re setting themselves up for, but they, along with the rest of us, are going to find out the hard way.