Both Barack Obama and Hillary Clinton have vowed to raise taxes on the rich to help pay for their proposed spending proposals. How do they define “the rich?”
Obama and Clinton both promise to reverse Bush’s tax cuts for wealthier taxpayers, but the Democratic budget they’ll be voting for would allow income tax rates to go up on individuals making as little as $31,850 and couples earning $63,700 or more.
h/t to The Right of Wrong, who notes:
That’s a 12% tax increase for those in the that modest bracket. The definitions of wealthy are much more gray than the Democrats realize, or if they do, are simply lying. $50,000 in some places is a great deal of money, in others, it is not. This is the folly of the direct tax and the tax code in general. That’s going to be an extremely difficult hit to swallow.
h/t also to MVass who notes:
The Democratic candidates have marched across America saying they will only tax the rich. They have said that they will only affect big business. They have said that they will make America safer. All are great things. But the facts of their actions indicate they are lying if not confused.