Skip to main content

View Diary: The 2008 delusion we should not repeat in 2012 (155 comments)

Comment Preferences

  •  Very glad you posted that (6+ / 0-)

    It's a point that our politicians need to hammer over and over again, because a lot of people (especially tea party types) base their temper tantrums on a misunderstanding.

    Our tax brackets only apply to income made over a certain amount.  A garbageman and a Wall Street executive pay the same tax rate on the first $40,000 of their income.  It's only the income above each threshold that increases in our progressive tax system.

    Bratty small business owners -- the type who claim they'll scale back their operations so they only earn $249,999 a year -- are basing their whining on the idea that if they earn that 250,000th dollar, they'll suddenly have to pay more money on all the income that came before it.  This is why they think they'll be suckers for netting less money if they earn more, and gaming the system by netting more money by earning less.  It's also why they see higher taxes on the wealthy as a penalty for success, because they think all of a sudden they're getting screwed for crossing an arbitrary line.

    Not true.  The higher taxes only apply to the money above $250,000, and they still get to keep a good chunk of it.  Logic dictates that it's better to earn more money rather than less, but if they don't want to satisfy the existing demand for their goods and services to make a point, one of their competitors will.

Subscribe or Donate to support Daily Kos.

  • Recommended (170)
  • Community (84)
  • Baltimore (84)
  • Bernie Sanders (65)
  • Freddie Gray (59)
  • Civil Rights (53)
  • Elections (41)
  • Culture (38)
  • Hillary Clinton (36)
  • Media (35)
  • 2016 (31)
  • Law (31)
  • Racism (30)
  • Labor (26)
  • Education (26)
  • Environment (25)
  • Republicans (23)
  • Politics (23)
  • Barack Obama (22)
  • Police (20)
  • Click here for the mobile view of the site