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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (65782)	5/25/2009 7:04:19 AM
From: TideGlider	3 Recommendations Read Replies (1) \| Respond to of 224729

The following indicates to me that a certain attorney on this board makes very little money or has it hidden. Obama will likely pry his way into that fellows activities and pull t some pennies and dollars. Funny how he is so supportive. However that is just one aspect. Crisis or no crisis this was the plan from the start, Obama and his cadre of willing congressional rapists are very destructive. I don't see employment improving under this ideology, only decreasing. At some point not far from now it could cause a swift and massive economic crash. Much more serious than what we are now experiencing. The democrat congress are rich already. They will avoid most of the damage. Chester White's comments cover this nicely. If you are self-employed or a business owner your tax rate on income above the $200/$235k limit is 41%+3%+12.4%=56% plus your state tax rate. Self-employed business owners are going to find their top marginal tax rates between 60% and 70%, which is confiscatory by any reasonable standard. I'm with Chester White. I'm a practicing attorney and I own some small businesses. In the recent past I've been busting my chops, have made a damn good living, and have paid over $200k annually in taxes. No more. I'm not going work myself to death to fund this socialist experiment. I've slowed down my law practice, laid off my help, and abandoned most of my office space. I'm targeting my income to $234k, and should pay about $100k in taxes. In sum, just in my little world Obama's tax plan resulted in the loss of two part-time jobs (about $40k in comp each), the abandonment of 1600 square feet of office space in the middle of the worst commercial real estate market in modern history, and a REDUCTION in tax revenue of approximately $100k. Nice work, Obama. I suspect there are several million other small business owners out there who are doing the same thing. This is where the Democrats learn that the Supply Siders were right: incentives matter.