Monday, August 03, 2009

U.S. Credit Bill Coming Due

AP is reporting that two unnamed Obama Administration officials cannot promise that their won't be a middle class tax hike.

Well, duh!!!!

For all the lefty loonies and class warriors out there, you can only soak the rich for a great share of tax payments for so long. If the government continues to spend and move in the direction of a socialist, system, sooner or later, you have to pay for that socialist system.

Nationalized health care, bailout stimulus, nationalization of the financial sector, segments of the manufacturing sector, etc. all com with a price tag. the more the government socializes aspects of our society, the more money they need. You cannot have a socialized economy on a capitalism based tax system, eventually you have to start taxing people--all people--higher so that you have a socialist tax system.

I find it hard to believe that reasonably educated people, who insist that we need to have more socialized nation (a legitimate position they espouse) can do so when the average marginal tax rate in America is around 35 percent. Depending on who you ask, anywhere from one third to one half of Americans pay little or no income tax. You can't keep adding to the government's financial responsibilities without passing that responsibility onto middle class taxpayers.

Nations with a broad social care system pay anwyhwere from a 50-70% marginal tax rate to sustain such a system. America cannot last long on socialized care system and a 35 percent marginal rate--thus a tax hike on the middle class is inevitable.

Of course.

1 comment:

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