Krugman: Obama's Tax Increase Starts at $182K
A Little Lower, and We'll All Be 'Rich'
Posted by: Brian Faughnan
Tuesday, October 21, 2008 at 04:19PM CDT
Paul Krugman defends Barack Obama, and winds up asserting that his plan would raise taxes on families earning as little as $182,400 annually:
What about the claim, based on Joe the Plumber’s complaint, that ordinary working Americans would face higher taxes under Mr. Obama? Well, Mr. Obama proposes raising rates on only the top two income tax brackets — and the second-highest bracket for a head of household starts at an income, after deductions, of $182,400 a year.
To some degree of course, Barack Obama's plan as currently written is irrelevant. The question is what message Barack Obama will deliver to the Democratic leadership in Congress. Charlie Rangel is the Chairman of the House Ways and Means Committee, and he has already shown his cards. Last year he proposed a bill known as 'The Mother of All Tax Increases." It provides for a $3.5 trillion tax increase over the next ten years. It increases income taxes on those earning as little as $150,000. It increases taxes by 26 percent on thousands of small businesses, imposing on them a tax rate 14 points higher than that levied on big corporations.
If Congress sends him such an anti-competitive, punitive, redistributive, massive tax increase, will he veto it?