and the freaking’ obvious
[In GB] In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.
This number fell to just 6,000 after Gordon Brown introduced the new 50p[%] top rate of income tax [for those earning more than £150,000 a year] shortly before the last general election.
…Harriet Baldwin, the Conservative MP who uncovered the latest figures, said: “Labour’s ideological tax hike led to a tax cull of millionaires.
Far from raising funds, it actually cost the UK £7 billion in lost tax revenue.
…The Tories wish to freeze out-of-work benefits. The handouts usually rise in line with inflation, which has meant that the unemployed are likely to receive a higher rise than most workers can expect.
hm… Didn’t we separate from these people for some reason?
MATT LAUER, TODAY: So bottom line, would raising taxes on the wealthiest Americans have a chilling effect on hiring in this country?
WARREN BUFFETT: No, and I think would have a great effect in terms of the morale of the middle class, who have seen themselves paying high payroll taxes, income taxes. And then they watch guys like me end up paying a rate that’s below that, you know, paid by the people in my office.
The taxing will continue until morale improves.
Gotcher “comfort right here:
Employee payroll taxes are scheduled to rise nearly 50 percent in 2013 absent action by lawmakers, and there is a growing sense that both parties might be willing to let that happen.
…The White House released a report Monday detailing the negative economic impact of allowing the Bush-era tax rates to expire for middle-income Americans. It contained no mention of the payroll tax cut, which by the White House’s own estimates affects roughly 160 million Americans and saves the typical middle class family $1,000 per year.
Money has long been called “wherewithal.” The more of it you have, the more ability you have to be independent and do what you want / what you think is right for you and your family. Every tax removes some of that ability and — looked at a different way — is a governmental reduction of your hourly wage. Ask your union about that.
Also: see chart here.