Tuesday, October 21, 2008

BARACK OBAMA

Krugman, When You Write Like That, I Want To Give You a Nobel Prize

Paul Krugman, in today's New York Times column:

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.

Wait, we've been hearing endlessly that Obama will never raise taxes on anyone making less than $250,000!

Then I recalled this item in the Wall Street Journal:

Back in 1992, Bill Clinton also campaigned for a "surcharge" on millionaires. Cut to February 1993. Here is the lead sentence in the Reuters story about his first big economic speech after winning election: "U.S. President Bill Clinton's plan to seek higher taxes from everybody making more than $30,000 a year means even George Bush underestimated how far Clinton would take tax hikes if elected." His tax proposal ended up slapping his "millionaire surcharge" on anyone who earned more than $250,000.

Jim McGreevey wanted to enact a "millionaire's tax" on those making $500,000 per year.

From $1 million to $500,000 to $250,000 to $182,400 — the definition of "rich" keeps slipping lower and lower...

10/21 03:13 PMShare