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Monsieur Obama's Tax Rates
Wall Street Journal ^ | 07/10/2008 | staff

Posted on 07/01/2008 6:32:56 AM PDT by safetysign

And make no mistake, taxes under a President Obama would be à la française. The top marginal tax rate on income – including federal, state and local income and payroll levies – could reach 60% for many self-employed New Yorkers and Californians. Not even France's taxes are that high now that President Nicolas Sarkozy has capped the total that high-earning Frenchmen like Mr. Ducasse can pay in income, social and wealth taxes at 50% of earnings.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Politics/Elections
KEYWORDS: obama; taxes
Sixty percent of your earnings may be going to promote the social programs of Obama.
1 posted on 07/01/2008 6:32:56 AM PDT by safetysign
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To: safetysign

Not this boy. Jack the rates up and they can find someone else to take the ER weekend night and holiday shifts. You will find me on the beach.

Seriously. I don’t know of a single doctor who isn’t making plans to cut back, get out or retire when our Socialized Medicine high tax whammy takes effect.


2 posted on 07/01/2008 6:37:32 AM PDT by Kozak (Anti Shahada: There is no god named Allah, and Muhammed is a false prophet)
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To: safetysign

But, it feels so good to give part of my income to people who won’t work; have babies out of wedlock; and, who will burn down our cities if they don’t get their gubment checks.


3 posted on 07/01/2008 6:37:46 AM PDT by Eurale
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To: Kozak

count me in as well.
I will retire and open my quilt shop
the reimbursement cuts from medicare have almost done us in already. I now officially make less per hour than the guy I hired to sand and waterproof my deck.


4 posted on 07/01/2008 6:40:04 AM PDT by Mom MD (The scorn of fools is music to the ears of the wise)
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To: Kozak

The same is true for this house. My husband could use the time off and I have no interest in going back to the medical world. He’s a smart guy and we’re frugal people so finding something else to do won’t be a problem. The only downside: he really loves medicine. Oh well, he’ll find something else to love where he isn’t enslaved. Atlas will shrug.


5 posted on 07/01/2008 6:42:53 AM PDT by socialismisinsidious ( The socialist income tax system turns US citizens into beggars or quitters!)
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To: safetysign
Senator Obama's plans to raise income, Social Security and capital-gains taxes amount to a belief that people don't react to punitive tax rates.

Obama knows that people react to punitive tax rates...he doesn't care b/c his plan is about punishment. Period.
6 posted on 07/01/2008 6:44:22 AM PDT by socialismisinsidious ( The socialist income tax system turns US citizens into beggars or quitters!)
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To: safetysign

This is too scary. I was born 3 yrs. before Reagan became President, so I don’t know what crippling taxation looks like. And I don’t want to find out either. Sheesh!!


7 posted on 07/01/2008 6:50:11 AM PDT by Fox_Mulder77
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To: safetysign
Sixty percent of your earnings may be going to promote the social programs of Obama.

That's before you apply the effects of corporate income taxes, which businesses pass on to customers as a cost of doing business.

http://online.wsj.com/article/SB121486763043717547.html?mod=Review-Outlook-US

Per the graph, it's no small wonder why businesses want to leave the United States.

8 posted on 07/01/2008 6:52:27 AM PDT by rabscuttle385 ("Facts are stubborn things." –Ronald Reagan)
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To: Kozak

Who could blame anyone for not working and producing if 60 cents on the dollar is stolen from you?

The Irony is that people who win those large Lottery winnings are taxed at 60% off the top, people who work and invest and sweat the outcome of busting their humps shouldn’t be taxed that highly.


9 posted on 07/01/2008 6:52:32 AM PDT by padre35 (Conservative in Exile/ Is 51/ Heller vindicates GWB...armatismi is libertismi)
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To: socialismisinsidious

When it was pointed out to the Obamao that cutting the Cap Gains tax rate led to increased Revenue for the Treasury, he replied “It’s a matter of basic fairness”.

Atlas should shrug.


10 posted on 07/01/2008 6:54:28 AM PDT by padre35 (Conservative in Exile/ Is 51/ Heller vindicates GWB...armatismi is libertismi)
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To: safetysign

Where are those McCain haters NOW ??????


11 posted on 07/01/2008 7:00:33 AM PDT by ncalburt
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To: Fox_Mulder77
Before Reagan even though tax rates were high, lots of stuff was deductible, such as interest rate on car loans etc. In other words, there were numerous ways of avoiding a substantial portion of it. Rates today are going up with few deductions available.
12 posted on 07/01/2008 7:04:01 AM PDT by DB
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To: Eurale

“But, it feels so good to give part of my income to people who won’t work; have babies out of wedlock; and, who will burn down our cities if they don’t get their gubment checks.”

It’s the ultimate slap in the face to kids who were told that making wise decisions in school would ultimately pay off. Instead, the nerds, dweebs, brown-nosers and teacher’s pets are forced to subsidize the drunks, stoners, skanks and jocks who ridiculed them all through school. Little wonder there is so much cynicism today.


13 posted on 07/01/2008 7:05:49 AM PDT by caseinpoint (Don't get thickly involved in thin things)
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To: ncalburt

Pick your poison. They both suck. McCain will put the final nail in the GOP and Obama will bankrupt me.


14 posted on 07/01/2008 7:06:02 AM PDT by DB
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To: safetysign

You’ll be lucky if they go into social programs. Most likely, the money will simply disappear, or be used to enrich our enemies overseas.


15 posted on 07/01/2008 7:13:45 AM PDT by Brilliant
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To: Kozak

Last night Dick Morris was saying that Obama plans for us to cover 15 million illegals with health care which will result in overcrowded health system - since there won’t be more doctors and facilities to handle this - and that the inevitable result will be rationing of services. I suppose that would be like a recent case in Oregon where the state refused to pay for cancer drugs but offered to pay for assisted suicide instead.

All that stands between us and that is John McCain...... OY....


16 posted on 07/01/2008 7:38:29 AM PDT by Aria (Obama: Potluck for President! "I serve as a blank screen on which people..project their own views")
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To: safetysign

Most of my liberal friends revere this man like a god. I don’t think they realize how dependent they are about to become on the federal government. Anything above a 40% rate is WAY too much, and I support rates far lower.


17 posted on 07/01/2008 7:39:58 AM PDT by djsherin
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To: safetysign

I had a long chat yesterday with a good friend who lives in Bern, Switzerland. He made the comment that he didn’t think Obama would be so bad. We had been talking about retirement so I said that when a President Obama raises taxes, I’ll probably retire. He was surprized to hear that what he thought was a modest income in Europe of about $180,000/yr, is now in Kansas taxed at up to 37%. He said it would be at most 25% in Switzerland. I said Obama would take that rate up to at least 50%. He expressed amazement. So I emailed him this column this morning.


18 posted on 07/01/2008 7:40:33 AM PDT by Mercat (the LORD himself will establish a house for you)
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To: DB

I will take my changes on the guy who supporting our troops and loves his country over a evil Marxist and his Weatherman posse that plans to dismantle this great country anytime!


19 posted on 07/01/2008 8:26:11 AM PDT by ncalburt
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