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To the progressives/liberals here -
Let's consider the successful entrepeneur Obama is targeting with his rhetoric and proposed tax hikes. He's talking about folks whose taxable income is above $250,000. To get taxable income over $250,00, let's say your gross income is $300,000.
Here is my question to you. How much of that guy's income do you think it's reasonable for the government (federal, state, local) to confiscate in taxes? What percentage shuold that guy be able to keep?
I keep hearing liberals say "well, tax rates on the rich were more than 70% when Eisenhower was president, and the wealthy Americans got by OK...". Obama himself has used this argument. It's completely dishonest for 2 reasons. First, there were many loopholes and deductions then that don't exist today (for example, back in the day, credit card interest was a deduction), so that virtually no one payed that top rate. Second, other taxes exist today that didn't exist then. In CT, there was no state income tax then. Today, there is an average income tax of 5.5%. So we need to consider total tax burden.
I can't believe that anyone thinks that the public has a right to more than 40% of what anyone else makes.
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