The president wants to increase taxes only on those earning above $250,000. Since most of us aren’t there — I keep waiting, but for some reason no one yet has offered me what I think I’m worth to express my opinions on current policy and events — who cares, right?
Well, it turns out that raising taxes reduces the incentive to work. Which hits the rest of us too. Reports ABC News:
A 63‐year‐old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark.
…
“We have to find a way out where we can make just what we need to be just under the line so we can benefit from Obama’s tax plan,” she added. “Why kill yourself working if you’re going to give it all away to people who aren’t working as hard?”
…
Dr. Sharon Poczatek, who runs her own dental practice in Boulder, Colo., said that she too is trying to figure out ways to get out of paying the taxes proposed in Obama’s plan.
“I’ve put thought into how to get under $250,000,” said Poczatek. “It would mean working fewer days which means having fewer employees, seeing fewer patients and taking time off.”
…
“The motivation for a lot of people like me — dentists, entrepreneurs, lawyers — is that the more you work the more money you make,” said Poczatek. “But if I’m going to be working just to give it back to the government — it’s de‐motivating and demoralizing.”
Now that’s going to help us get out of the recession! Punish hard‐working professionals and convince them to cut back services for the rest of us. Great thinking Mr. President.
Or, to paraphrase George W. Bush: Heck of a job, Barack!