You know my take - I think the US needs to junk its entire income-based tax code - all of it - and go with a consumption-based tax. And I think Obama is wrong on taxes, wrong on Social Security and wrong on government spending.
Obama, being a traditional "raise taxes, soak the rich" Democrat, is focused on giving tax breaks to poor and middle class, while making the rich pay big-time. It won't work, as the rich hide their incomes better than your local stripper, and raising their taxes will actually drive down tax receipts, but I guess he'll just have to wait to find that out (again).
Meanwhile, $250,000 in depreciating dollars ain't rich in America anymore (thank you Ben Bernanke), but it'll be interesting to see the reaction here and throughout America. Is America ready to throw the rich under the bus? I think they are (thank you Angelo Mozilo).
Obama, being a traditional "raise taxes, soak the rich" Democrat, is focused on giving tax breaks to poor and middle class, while making the rich pay big-time. It won't work, as the rich hide their incomes better than your local stripper, and raising their taxes will actually drive down tax receipts, but I guess he'll just have to wait to find that out (again).
If you're one of the 11% of HP'ers in the $250k+ group, get prepared. And hire those expensive accountants to hide that income like you always do. Strippers, bartenders, realtors and the rich are great at not paying taxes. And that's the American way.
