A point worth noting, as President Obama continues to campaign on the notion that the single greatest problem facing the country is that the wealthy are under-taxed.
36 percent: Current tax rate on income above $388,350.
39.6 percent: The tax rate Obama would like to see on income above $388,350.
33 percent: Current tax rate on income between $178,650 to $388,350 for singles, or $217,450 to $388,350 for married couples.
36 percent: The tax rate Obama would like to see on income between $178,650 to $388,350 for singles, or $217,450 to $388,350 for married couples.
So, to sum up, for the highest tax bracket:
36 percent: Completely unfair, a national injustice that deserves to be the preeminent focus of a president’s reelection campaign.
39.6 percent: Not only totally fair, but a complete restoration of equitable treatment, a patching of the social fabric, economic utopia and long-term financial security for a nation whose debt is approaching $16 trillion.
For the second-highest tax-bracket — applying to a married couple where each spouse makes $108,725 or more:
33 percent: A prevailing wound upon our national finances that threatens all we hold dear.
36 percent: A most-needed extraction of funds from Americans that the president deems “wealthy,” who didn’t really build those businesses and so on.
It’s amazing what a difference those 3.6 percentage points and 3 percentage points make.
Obama tax hike supporters will look at these numbers and insist, “see, the tax hikes aren’t so big after all!” But they really indicate that just as the president over-hyped the results of his policies — a 6 percent unemployment rate! Shovel-ready jobs! A deficit cut in half during his first term! The number of uninsured will go down! 3 million to 4 million homeowners will avoid foreclosure! — he is once again over-promising what his desired policies will do, and ignoring the negative consequences.