I was going to post a wall of text today, dealing with my concerns over the economic direction of this country. Rather than beat people over the head with my fiscally conservative philosophy, I’d rather just say that taxing the rich and expanding the nanny state isn’t a good idea.
Consider these numbers:
This year my wife and I paid 15% of our income (adjusted after deductions) in federal income tax. A family making an adjusted $150,000/year would pay 20% of their income in federal tax and a family making an adjusted $250,000/year would pay 25% of their income in federal tax. Finally, a family making an adjusted $500,000/year pays twice what I pay as a percentage which is 30% in federal tax. That equates to $150,000 in taxes.
And those are the 2008 tax figures. Taxes are going to become much more punitive over the next few years. Sure, they can afford it, but does it make it right?
235 years ago if this kind of taxation was going on, we’d be dressing up like Native Americans and throwing tea into Boston Harbor.
Consider these numbers:
This year my wife and I paid 15% of our income (adjusted after deductions) in federal income tax. A family making an adjusted $150,000/year would pay 20% of their income in federal tax and a family making an adjusted $250,000/year would pay 25% of their income in federal tax. Finally, a family making an adjusted $500,000/year pays twice what I pay as a percentage which is 30% in federal tax. That equates to $150,000 in taxes.
And those are the 2008 tax figures. Taxes are going to become much more punitive over the next few years. Sure, they can afford it, but does it make it right?
235 years ago if this kind of taxation was going on, we’d be dressing up like Native Americans and throwing tea into Boston Harbor.
I think the picture above sums up my opinions on the subject pretty well.
(Picture courtesy of the Tax Day Tea Party website http://taxdayteaparty.com/ )
*Edit
Here's a link to the proposed tax increases in the Obama budget:
This is the last I'll say about real life economics for a little while. Now that 3.1 is out, it's back to the Auction House and more WoW related material.
