Thursday, October 16, 2008

Spreading the Wealth Around

How can you be a capitalist and a socialist at the same time?

Welcome to the United States of America.

The point is there is no pure economic system that works perfectly. Thus, take a basic direction and moderate it to meet reality and changing needs. That's what we do.

So, when Obama talks about spreading the wealth around some folks go crazy. They think he's gonna take all the profits from businesses (large or small) and then they won't have any incentive to grow and add jobs.

Actually, that's not what Barack had in mind. He's talking about letting the top marginal tax rate return to 39% from the current 36%. So for people making more than $250k, the amount in excess of $250k would be taxed at a 3% higher rate than it is today, just as it was in the nineties. Agree or disagree, I don't see how that will discourage people from wanting to make more money.

Although I am not in that bracket, I do well enough that each new dollar I earn has a significant tax burden. Tell my boss -- I still want that raise.

Sphere: Related Content

No comments: