Posted by
Richard on Thursday, November 06, 2008 4:46:27 PM
Hurry, hurry, hurry, step right up and guess which tax-pea is under the walnut shell! Come one, come one come all! (hint, the game has no wrong answers)
If you guessed all the shells you’re a winner, or a loser depending on how you view it.
As I mentioned in a
previous article taxing the rich is a utopian pipe dream. In the piece I said;
“How soon will it be before 75k is a threshold or 50k becomes the cut off point? “
Well it could be a lot faster than I had anticipated. In a
piece written by James Taranto and dated October 23, 2008, that same prediction may just become a reality. Although perhaps not in the same way I had figured, but all the same the 250,000k threshold is substantially lowered. This is almost beyond belief.
“Ghilarducci outlined her plan last year in a paper for the left-liberal Economic Policy Institute, in which she acknowledges that her plan would amount to a tax increase on workers making more than $75,000--considerably less than the $250,000 Barack Obama has said would be his tax-hike cutoff.”
On a related note an accounting friend of mine has informed me that the tax code will have some new regulations added to it due to the bail out. Now, with this I will go on here to predict that there will not be any visible tax increase in 2009. Oh no, it will be subtle. New tax codes, perhaps new ways of determining what constitutes not only wealth but what constitutes income. Also remember that we are really only a year away from the expiration of the Bush Tax Cuts wherein every one of us will have an automatic tax increase as the rates go back to levels during the President Clinton era.
So do you really think you’re getting that nice tax break?