Thomas E. Woods, Jr., is the New York Times bestselling author of 11 books, including The Politically Incorrect Guide to American History and Meltdown (on the financial crisis.) A senior fellow of the Ludwig von Mises Institute, Woods has appeared on MSNBC, CNBC, FOX News, FOX Business, C-SPAN, Bloomberg Television, and hundreds of radio programs... (Read More)
A 5.6% surtax on incomes over $1 million is being contemplated as a way of paying for the president’s “jobs plan,” which underscores the phoniness of the “jobs.” Over at EconomicPolicyJournal.com a reader writes:
First off, like everyone in the media, you are leaving off Obamacare taxes which come into effect in 2012. They will add another possible 4 points to your top tax rate, bringing it to almost 50%.
I love the logic of the class warfare dems. They want to pass a jobs bill that is full of one-time tax cuts for job creators and then they propose to pay for it with permanent tax increases on job creators. If higher taxes don’t impede job creation, then why include tax cuts in your jobs bill? Why not save the money?
If something like this did actually go through, it would be good for states with no income taxes as people in states like CA, NJ, IL, NY would be pushed over the 50% mark. You can also bet that massive tax fraud will come back into vogue as it was before the 80s.
They should call this the “rent seekers jobs bill” as the only jobs the bill is assured of creating are government jobs. The last thing I want to do is hire more cops, firefighters or teachers. The cops and firefighters are out of control compensation and benefit wise and are making local government unaffordable. Many retire at age 49 with a pension worth millions. Local governments are finally addressing this issue and ratcheting back compensation and benefits in an effort to make these services affordable once again. This bill will delay that effort and set up local government for a massive problem down the road. As nice as it may seem to some to make people millionaires with taxpayer money, it is not sustainable and grossly unfair to the average taxpayer.