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Tax THIS!

December 9th, 2012 - 11:30 am

Just a reminder, taxes are already going up on “the rich” in just three weeks:

Starting Jan. 1, investment income for individuals earning over $200,000 and households earning over $250,000 will be subject to a new 3.8 percent tax. Further, regular income above those thresholds will be hit with a .9 percent Medicare surtax. Should the Bush tax rates expire for those workers, those increases will be compounded.

What Obama wants is additional tax increases on top of the ones he and the Democrats imposed two years ago.

UPDATE: I almost forgot why I put “the rich” in quotes. And that is, you’re now “in the top 2% of earners” if you’re in the top 20% of earners. The NYT has that story for you:

Affluent people are much more likely than low-income people to have health insurance, and now they will, in effect, help pay for coverage for many lower-income families. Among the most affluent fifth of households, those affected will see tax increases averaging $6,000 next year, economists estimate. [Emphasis added.]

That top fifth includes households making $75k or so a year. But, yes, please let’s do keep talking about “millionaires and billionaires.”

It’s Obama’s party. We’re just paying for it.

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