This, my friends, is why I have such a hard time swallowing Obama's agenda. His plan is to not just raise taxes on "the rich" in the middle of a recession, but to punish them for their wealth. Just take a look at his budget, explained well in this WSJ article.
*One example of punishing investment: A relative of mine recently purchased a very expensive home, encouraged to do so because of the mortgage interest deduction he would receive. (I'm sure the builder was grateful for this purchase given the fact that it had been sitting on the lot for many months.) He also regularly gives a sizable percentage of his income in charitable donations. President Obama plans to dramatically reduce both mortgage interest and charitable donation deductions. My relative said he would not have purchased that home had he known about the reduction. Of course he'll continue to give to charity, but giving more money to the government means he won't have as much to give away. He certainly won't be making any big purchases, stimulating the economy, anytime soon.
It seems ironic to me that President Obama is so concerned for those who are less fortunate and wants to decide which "charities" our taxpayer money should go toward, when a look at his public record of giving shows that he hasn't indicated the same compassion in his personal life. It's quite something to learn that my parents, who make a tiny fraction of Obama's salary (which in 2005 was $1.7 million), gave a FAR greater percentage of their income to charity. Biden isn't even on the radar screen. But then again, he's the "poorest" Senator in Congress, and he only made $319,000 in 2006. Our last VP gave 77% of his income to charity one year! Unbelievable.
You may also want to check out this ABC News story about upper-income taxpayers now finding a way to side-step Obama's tax hike plan - as in trying to lower their incomes! And here's another fantastic piece: "Why Make $300,000 When $250,000 is So Much More?"
One woman in the above piece is quoted as saying, “The motivation for a lot of people like me – dentists, entrepreneurs, lawyers – is that the more you work the more money you make, but if I’m going to be working just to give it back to the government — it’s de-motivating and demoralizing.”
*shakes head in disbelief*