by Gina Cobb | July 19, 2008 7:28 pm
Did you catch the headline? “Tax Rate for New Yorkers Would Top 50% Under Obama“
Under Obama’s proposals, the highest marginal tax rate for citizens of high income-tax states like New York will be close to a punitive 60% – and that’s before you consider sales tax, property tax, gas tax, and other taxes.
New York tax filers reporting more than $375,000 a year in earned income may end up paying nearly 60% of their wages in taxes to the government under a Barack Obama presidency, economists who have analyzed his plan said.
The Democratic presidential candidate is proposing not only raising the federal income tax, but also adding a Social Security tax for those Americans earning more than $250,000 a year. For New Yorkers, that could mean that if the current Social Security rate is applied, the marginal tax rate, or rate on every extra dollar earned, could rise to 58%.
“This is a very eye-popping number,” a resident scholar at the American Enterprise Institute, Alan Viard, said.
If Obama is elected president and Democrats control Congress, taxes will be raised at the earliest possible date You can take that to the bank. How high? A vote for Obama will be very expensive. The entire economy, already reeling from devaluation of the dollar and high gas prices, will be put under further stress as incentives for hard work are diluted by punitive tax rates and sloth is encourged by further padding the social safety net.
All the higher taxes collected will not go directly to the social welfare programs, of course. About half will be lost to government waste, corruption and inefficiency.
This and more at GINA COBB
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