
Todd Henderson, a law professor at the University of Chicago, is mad as hell, and he’s not gonna take Obama’s Clinton-level tax proposal anymore:
The rhetoric in Washington about taxes is about millionaires and the super rich, but the relevant dividing line between millionaires and the middle class is pegged at family income of $250,000. (I’m not a math professor, but last time I checked $250,000 is less than $1 million.) That makes me super rich and subject to a big tax hike if the president has his way.
Without getting deep into numbers, let’s just note that Obama advocates letting the top marginal Bush tax cuts expire. This means that all your income up to $250,000 will benefit from the same extended tax breaks as everyone else. It’s only the income above $250,000 that will be taxed at the confiscatory Clinton rates. Say your income is $300,000: Instead of paying $16,500 on that last $50k, you’ll be paying $1,500 more.
Or — hold on a sec — $4.11 a day.
Hey, that’s coffee and a croissant, pal, and that’s enough to get the good professor heading for the window:
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