If the highest income tax rate increases from its current 35% to 44% (including Medicare and Obamacare tax increases) on the wealthiest taxpayers, a high income family making $500,000 will have $45,000 less to spend. That family may decide to cut out a gardener, housekeeper, vacation, or even a new yacht. A progressive might say "so what, they are rich, and they...
I suggest everyone here read a book called "Warning to the West," It was written by Alexander Solzhenitsyn and warns that American Marxists will hide their Marxism by overtly waving American flags with great ferocity. But one needs to listen closely to what they say. "These 'Communists' will always give themselves away by having an affinity for large 'state' run endeavors."
It may not be intuitive to nonbusiness people and economists why increased taxes and reduced federal spending will send the US into a recession. However, it is not hard to understand the economic logic that causes this result.
- Quotes of the day Allahpundit 8 hours ago
- Video: IRS agents who didn’t pay their taxes get $1 million in bonuses Mary Katharine Ham 8 hours ago
- Most popular guy in the Party of Fair Share to endorse tax cheat for 23rd term Mary Katharine Ham 9 hours ago
- Oh, good: The EPA finally, retroactively lowers a 2013 biofuels requirement to reflect the fact that the required biofuels did not actually exist Erika Johnsen 10 hours ago
- The Scalia – Sotomayor Thunderdome Jazz Shaw 11 hours ago
- AP reporter to State Dep’t spokesman: Seriously, can you identify a single accomplishment since 2010? Allahpundit 11 hours ago