To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Friday, April 04, 2008

Limousine Liberals

There is a segment of society that makes so much money they don't care about marginal tax rates and they tend to advocate confiscatory taxes on those who make $150K or more, which in high-cost locations like NYC make those earners middle-class. The Clintons are part of that elite, as they reported income for the years 2000 to 2006 of $109 million. If you make that much money, then tax rates are irrelevant.

Then there are the rest of us, including small business owners and those of us who live on the Coasts, where expenses are really high and $150K does not deem one "rich."

The Clintons paid about 31% in taxes. The top federal rate is 35% and self-employed people like me pay an additiona 6.5%. Hillary proposes to raise the top rate to 39.5%. All-in I pay about 55%. Is that good for the country? No, as I cannot afford to hire anyone as a majority of my earnings go toward paying taxes.

Hillary Clinton, who espouses socialist programs for the US and rails against the "rich," is making $20MM a year. When you make that much money you don't care about taxes as you have more money than you ever can spend, and have lifetime security. When you are a small business struggling to make it and contemplating a hire you really do care, and tax rates really do matter.

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