Posts Tagged ‘Schadenfreude’

Christopher Berger editorial: Schadenfreude

Friday, March 6th, 2009

Christopher D. Berger

Schadenfreude

The Obama’s announced solution to the massive deficits he’s amassing will be to tax the rich into oblivion, though the full extent of his taxation scheme is not yet apparent.  In the budget he’s announced he wants to sunset the Bush tax cuts (raising taxes, but not couched in those terms), bringing the top marginal rates up to 39.6% from 36%, raising the capital gains rates to 20% from 15%, and keeping the taxes on estates above $3.5 million at 45%.  The single biggest problem is that it won’t actually balance the budget, there simply aren’t enough people making the kind of money he’s talking about to do it, and it will effectively deter any economic growth his spending may generate, even doing further damage to the economy.

According to numbers published by the IRS, you could confiscate all the income of all kinds made by those with incomes above $250,000 per anum and still not quite cover the federal deficit of $1.5 trillion or so for this year (so far, though that’s likely to go up).  Obama, intelligent man that he is, and surrounded by so lofty a cloud of advisors, surely knows this. (more…)