BHO’s tax increase for anyone making over $250k would go from 36% to 39%. A three percent difference. Big deal, you say? Let’s do the math on this:
First, the current 36%
$250,000
x .36 (36%)
= $90,000 in taxes (ouch!)
Now the proposed 39%
$250,000
x .39 (39%)
= $97,500 in taxes (double-ouch!)
That little 3% adds up to an additional $7,500 in taxation! This would be the minimum extra tax paid to the Federal government. It scales up from there.
$7,500 divided by 12 months would be $625 extra per month going to the government. Wouldn’t it be better if that $625 per month is spent on goods and services instead, actually putting that money back into the economy?
Don’t get me started on what one could do with the original $90k in tax dollars!
My .02
