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Obama's War on Women, II

Submitted by JRS, Aug 18, 2008 12:23

As a rule, the more you tax something, the less of it you get. The more their income is taxed, the more people, particularly higher earners, will try to find ways to avoid income. If it means foregoing a second income in a potentially two-earner family to minimize the tax bill, especially if the second income may be enough only to pay the taxes of the two combined, then there will be fewer earners. My own personal tax bill, including Federal and state income, payroll, local property and school, and sales, approaches 50% of my earnings. When Obama raises my income and payroll taxes, as he is promising to do, then that bill will be greater than 50% of my earnings. And I'm married and have two kids still living at home! By the way, if you feel guilty about the Federal deficit, you can contribute to the IRS voluntarily solely for deficit reduction. The IRS website provides instructions on how to do so. You can also tell your Congressmen to stop spending so much of our money.

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Other reader comments on this article

Comment	By	Date
Folks, solving the deficit has nothing to do with increasing taxes and everything to do with decreased frivolous Government spending,... [MORE]	David	Sep 3, 2008 17:52
The bottom line of Obama's tax increase will be devastating for so many New Yorkers whose income seems large but... [MORE]	Messine	Aug 19, 2008 14:12
My cousin's husband is a great house dad. She makes more $, and with their second child, they realized having... [MORE]	Equality	Aug 19, 2008 08:25
Obama just doesn't get it. Higher taxes never bring in the expected revenue. [MORE]	JimB	Aug 18, 2008 20:24
Scott – you are missing something the number is 35% not 39.6%. From 35% to 43.6% is a 24% increase.... [MORE]	Robert Masters	Aug 18, 2008 17:04
Am I missing something? Increasing the tax rate from 39.6% to 43.6% sounds like about a 10% increase to me,... [MORE]	Scott Baker	Aug 18, 2008 14:37
While Sean's comment (that we shouldn't confuse marginal tax rates with effective tax rates) is generally accurate, it is only... [MORE]	Brad	Aug 18, 2008 12:45
As a rule, the more you tax something, the less of it you get. The more their income is taxed,...	JRS	Aug 18, 2008 12:23
First, you shouldn't quote marginal rates as if that's what these people would be paying — "Oh my God, over... [MORE]	Sean	Aug 18, 2008 02:51
This is crazy. So people making $357,000 a year will see a tax increase. So what? Obama just says that... [MORE]	Vequor	Aug 18, 2008 01:27

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Obama's War on Women, II