Tax Plan: Obama Wants Women Out of The Workplace

In an Op-Ed Piece in the WSJ Obama’s two economic advisers, Jason Furman and Austan Goolsbee outline the domestic terrorism that is the standard Democrat taxation strategy. To bring the propaganda from the O-blivious campaign the New York Sun editors adds the commentary

Mr. Obama’s two economic advisers, Jason Furman and Austan Goolsbee, have an op-ed piece in today’s Wall Street Journal, and it isn’t pretty. To begin with, they propose bringing back the 39.6% top income tax bracket, an increase from the 35% current top rate. On top of that, he’d impose a new payroll tax on those top earners of 2% to 4%, bringing their marginal tax rate to as high as 43.6%. Add to that the top New York City income tax rate of 3.648% and the top New York State income tax rate of 6.85%, and the nominal marginal income tax rate mounts to a staggering 54%. Because Mr. Obama proposes to put the capital gains and dividend tax rate at 20% even for the “rich” — a mere 33% increase over the current 15% rate — expect to see plenty of high earners scurrying to find creative ways of structuring their income as capital gains or dividends rather than as earned income.

Meanwhile, the most astonishing sentence in the op-ed is this one: “His plan would not raise any taxes on couples making less than $250,000 a year, nor on any single person with income under $200,000.” It amounts to a declaration of war on two-income families, a marriage penalty of punitive proportions. If those two single persons with income just under $200,000 get married, Mr. Obama is going to hammer them with a huge tax increase. If the second earner, who in many cases is the woman, is going to have to give 54% of what she earns to the government, she might as well stay home with the children. Mr. Obama may be able to get away with symbolic slights to women, such as not picking Senator Clinton as vice president. But punishing them with confiscatory taxes for participating in the workforce at a high income level moves the slight into the realm of substance.

One comment on “Tax Plan: Obama Wants Women Out of The Workplace

  1. K. Stewart September 19, 2008 12:38 pm

    Love it! Obama wants to make the U.S. economy “O-blivious” and turn us into the United States of Socialist America.

    Who in their right minds thinks that government should get 40% of ANYONE’s money that they earn through their own blood, sweat, and tears, and some intelligence? Is the U.S. government 40% smarter than Mr. John Smith? Will they spend his money 40% wiser? Will John Smith get a 40% return on his investment if he gives it to the govt.?

    Given the past week’s shocking and embarrassing financial incompetence, uh… I don’t think so.

    And these days, $250,000 is NOT RICH. It IS middle class, when you have one working spouse and four kids to feed, four kids to buy clothes for, food for, pay for braces, pay for all of the extra-curricular stuff kids need, save for college, and buy a house with a two-car garage in a respectable neighborhood with a good school system where 80% of kids score high on tests and go to college. Then you gotta buy homeowner’s insurance, car insurance, and on, and on, and on. And save for when the water heater breaks down, when the A/C breaks down, when the roof leaks, when the basement floods. And at least one family trip to DisneyLand, which isn’t considered “cheap” anymore.

    Gee, where did my money go? Oh, it went towards TAKING CARE OF MY FAMILY, which is clearly not Obama’s priority.

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