Who really gets overwhelmed by these tax increases? Not the Warren Buffets, or Ted Turners, or Sumner Redstones. The people who really get hammered by these huge tax increases are the people who came from middle class backgrounds, went to college and then graduate school and mastered a highly-specialized vocation (or became a successful entertainer or athlete, but not a superstar), or who have started their own businesses, and then worked very hard to earn a comfortable middle-six-figure income. If one were to add all that up (forget rises in sales taxes, inheritance taxes, luxury taxes, etc.), then one can get to 70% of one's income. And that means rippling throughout this key sector of the economy -- even before these taxes have been enacted -- are hesitation, stasis, and ultimately constriction -- at first for psychological reasons, soon confirmed by the actual facts of less money Obama brilliantly conflated the Wall Street class with the upper-tier of Main Street in Animal Farm fashion |
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