Obama is proposing one of the greatest tax increases in world history, entirely on the wealthiest 40% of the U.S. population — who already contribute more than 100% (yes, you read that correctly) of the U.S. government’s personal income tax revenue. He is disguising it behind a welter of largely fictitious refundable tax credits. The increased tax on people of substantial income will be paid out to people who pay small amounts of tax or none at all.
No part of this familiar process is a “tax-cut,” which is how it has been presented.
The top tax-rate and the tax on capital gains and dividends would all rise by a full third, estate taxes would be raised to 45% and social-security payroll taxes would be raised for families earning over $250,000 a year. The Obama claims that all this would keep taxes at 18.2% of GDP, and would cover his vast spending plans, are nonsense.
From this. RTWT. Good to see Mr. Black is able to write from prison. He is a good writer and a smart guy.
(Incidentally, I have a friend who worked on the trial and was there every day, on behalf of another party in the case. His conclusion: Black was guilty and the jury got it right. Black, like everyone who I have ever met or worked with who was convicted of a crime says he was not guilty.)