Congress is considering raising income taxes—again—making the top tax rate reach an astonishing 62%. Almost all Democrats in Washington are on board—add to tax increases enacted last year, repeal the Bush tax cuts, phase out certain deductions, add in payroll taxes for Medicare (part of the Clinton tax hike) plus the Medicare surtax for ObamaCare, eliminate the income ceiling on Social Security taxes, add in state income taxes, increase the capital gains tax, and voilà—62%.
I’m trying to do the math here. To make $300,000 a year, would I have to make close to $800,000 before taxes? Maybe not quite that much given the progressive structure of the marginal tax rate. But even so, who in their right mind would think this is reasonable?
Apparently many Congressmen do. Or, since a 62% tax rate is clearly not reasonable, I’m led to believe that being reasonable is not their modus operandi.
I suppose they justify such lunacy by acting not according to what is best for America, but rather by what works best to immediately redistribute the wealth into the hands of their constituents. After all, they represent the people who elected them and whose votes they will need to be re-elected, and the people who didn’t/won’t vote for them can pay for it. The government has welfare-stated/entitlement-programmed us to the point that finally the people who receive most of the benefits now outnumber the people who contribute most of the tax dollars—unreasonable and not a sustainable trend.