I was reading Barack Obamas tax plan if he gets elected. Do people realize that his proposal will be a mistake!! He wants to remove the cap from social security for people earning more then $250,000 a year. Second he wants to eliminate the "Bush tax cuts" which would raise the federal income tax rate to 39.6%. To put this in perspective the Yankees have a payroll of $208 million. The 24 players would be hit with a federal tax increase of about $22 million. The owners would owe another $7.5 million in federal taxes. What I am getting at is ticket prices would need to rise by $65 million so the owners and players could have the same after-tax income as before. This would be an increase of about $16 dollars per ticket. It is going to be an expensive nite at the ballpark.
Self-employed people the federal tax rate would increase about 39% for those earning over $250,000. It would also take the top marginal tax rate which is the federal and state taxes combined to over 57% on self-employment income. Think about this. What do you think businesses will do?
* They will raise prices to recoup all the extra cost.
* Businesses will entertain more carefully the option of moving out of country.
The employee will be paying a combined 53% in taxes. If you thought money was tight now just wait to Obama is in office. Does this sound like a way to help the economy? I don't think so!!!
I had a little help with this one from some newspapers and news programs.
Has anyone heard about the woman who is representing the detainees in Abu Gharaib. Her name is Susan Burke, As far as I'm Concerned not an American. The lawsuit says that U.S. defense contractors tortured some detainees while locked up. O and I almost forgot violated their rights. How about the rights of the people they blew up in a bomb or were planing to blow up. These people are terrorists all of the sudden they care about what is right and what is wrong. This is a joke!! We are in a war and these people are the enemy and as far as I am concerned should be killed. How come it seems to be OK to be-head someone but not to water torture people. I am done before I get overly fired up.
