Of course, this won't affect Obama's patrons, as Obama isn't talking about raising CAPITAL GAINS. When Obama talks "rich" he really means small business and professionals ONLY -- not his fellow PigMen. WHY DOESN'T ANYONE EVER GRILL HIM ON THAT?????
I assure you of one thing, if ordinary income taxes much higher on small businesses and professionals you had better not count on being able to find decent food nor a skilled doctor. Neither farmers nor doctors are dunces and most of them don't need (debased and massively taxed) money nearly as much as we need their services. -F
http://online.wsj.com/article/SB10001424052702304911104576443893352153776.html?mod=WSJ_Opinion_LEADTop
Excerpt:
"So, for a family in high-cost California taxed at the top federal rate, the expiration of the Bush tax cuts in 2013, the 0.9% increase in payroll taxes to fund ObamaCare, and the president's proposal to eventually uncap Social Security payroll taxes would lift its combined marginal tax rate to a stunning 58.4%.
But wait, things get worse. As Milton Friedman taught decades ago, the true burden on taxpayers today is government spending; government borrowing requires future interest payments out of future taxes. To cover the Congressional Budget Office projection of Mr. Obama's $841 billion deficit in 2016 requires a 31.7% increase in all income tax rates (and that's assuming the Social Security income cap is removed). This raises the top rate to 52.2% and brings the total combined marginal tax rate to 68.8%.Government, in short, would take over two-thirds of any incremental earnings.
Many Democrats demand no changes to Social Security and Medicare spending. But these programs are projected to run ever-growing deficits totaling tens of trillions of dollars in coming decades, primarily from rising real benefits per beneficiary. To cover these projected deficits would require continually higher income and payroll taxes for Social Security and Medicare on all taxpayers that would drive the combined marginal tax rate on labor income to more than 70% by 2035 and 80% by 2050
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