"Obama said that under his proposal taxes on any revenue from $250,000 on down would stay the same, but that amounts above that level would be subject to a 39 percent tax, instead of the current 36 percent rate."For those keeping track -- under the 36% rate taxes are $90,000 ... under BOs plan it would be $97,500 -- nearly $100,000!!
Now they are no longer saying 'individual' ... they have switched to 'people' - which tells me that they are planning on going by household income, and by the sounds of it they plan on counting your benefits recieved from work as part of that equation as well ... so ....
if you have Flex-spending or 401K or anything of the sort, it will all count ... your work take out pretaxed money for daycare? it will count now ... match funding for life-insurance or retirement funds? taxed now. Own stock in the company? taxed now (lots of autoworkers own stock as part of their union packages).
say adios to financial independence or the ambition to earn a quality wage ... why earn it if the government is just going to take half of it.
We will find about as much motivation to do a good job as they did in the USSR during the communist policy years ... I remember John Stossel doing a report for 20/20 on this very subject. when the workers thought they were just normal patrons they did as little work as possible - no need, the government said they got paid the same ... but as soon as they found out they were American tourists they hopped to it and got motivated because Americans tend to tip, and tip big because they are unfamiliar with tipping norms in Russia.
Soon coming to a restraunt near you! brought to you by the Obama/Biden government.
Although its hard to believe that Biden would be a part of this -- he just doesn't seem the type.
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