House introduces top income tax rate of 90%

[Little-Acorn]

The House is scheduling a vote on a new top tax rate for the highest-paid employees, presently to be applied only to employees of companies that get big Federal bailout packages.

The new tax rate is supposedly for people getting bonuses, but seems to be worded in such a way that it will be levied on ANYONE in the company whose income exceeds $250,000.

Joe the Plumber raised the issue of Obama raising taxes for people like himself, who might purchase a business whose receipts could be legally interpreted by the IRS as "income" above that level. But no one dreamed the increase would be so draconian.

There's even a quote from Charlie Rangel, who seems happy that state governments can tax away the other 10% of people's incomes.

Not since the depths of World War 2 have tax rates been so high.

Elections have consequences. And when you elect a bunch of extreme leftists to the national government, as we did last November, tax increases are one of those consequences. Even shockingly high ones.

We get the government we deserve.

As mentioned, some of the leftists are assuring us that these 90% tax rates are presently only for people getting bonuses the leftists don't approve of. The fact that this sets an ominous precedent, is to be dismissed.

Can I have a show of hands, of those who honestly believe that tax rates for the rest of us will NOT start heading in that direction pretty soon? After a 90% tax rate like this, hiking rates on the rest of us to a mere 50% or 60% should be much less shocking.

BTW, the Senate is currently considering taxes up to 70% (35% for the employer and 35% for the employee).

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http://www.onenewsnow.com/Headlines/...aspx?id=457634

House to vote on 90 percent tax for AIG bonuses

By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer 1 hr 2 mins ago

WASHINGTON – The House is scheduled to vote today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.

"We figured that the local and state governments would take care of the other 10 percent," said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee.


(Full text of the article can be read at the above URL)