Does the Obama tax plan work? Will it just be those rich making $250,000 or more who will bear the burden? And will those rich only see their marginal tax rate go to 39% from 35%?
The answers to these three questions are No, No and No. And, as for the new Obama marginal rate, it will be 93%, not 39%.
It's a plan to destroy a productive economy. Taking from the productive to spread the wealth to those who don't pay taxes sounds great, very European really, but it's a recipe for economic disaster.
As has been pointed out, taxes on the top 10% of households are higher in the U.S. than in any other developed nation, including socialist exemplar Sweden. And Obama intends to make them higher yet (even higher than he says, as the linked article shows.)
