03-09-2009, 07:27 PM
Economic growth
The Obama administration plans to raise taxes on the American people by almost $2 trillion. The first $1.3 trillion in new taxes is aimed at the highest-earning Americans, corporations and small businesses. It will be only a matter of time before the rich stop working, saving and investing. The result: It will reduce economic growth for everyone!
I saw this in the News Sun Talk of the County section. Michelle Malkin's column has been following this phenomenon -it's called 'going galt.' People around the country who make above the $250,000 amount are readjusting their businesses/incomes so that it comes below that level. They say they'll make just as much money after the tax changes. The ripple affect of this will be seen.
<!-- m --><a class="postlink" href="http://michellemalkin.com/2009/03/04/going-galt-and-the-next-tea-party-wave/">http://michellemalkin.com/2009/03/04/go ... arty-wave/</a><!-- m -->
Thereâs a new report on ABCNews.com about how upper-income business owners are looking for ways to reduce their earnings to deny the government their tax dollars. This is exactly what Dr. Helen was talking about in October and on our PJTV panel this weekendâ the producers of this country choosing to âGo Galt.â Itâs the sentiment you saw in the âAtlas Will Shrugâ sign at the Denver anti-pork rally two weeks ago and at many of the Tea Party protests. And itâs the sentiment you see in the rise of Ayn Rand novel sales.
Tax hikes have consequences. Incentives matter. Only self-deluded wealth redistributors living in la-la-land believe otherwise.
Read:
President Barack Obamaâs tax proposal which promises to increase taxes for those families with incomes of $250,000 or more â has some Americans brainstorming ways to decrease their pay, even if itâs just by a dollar.
A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.
So far, Obamaâs tax plan is being looked at skeptically by both Democrats and Republicans and therefore may not pass at all.
âWe are going to try to figure out how to make our income $249,999.00,â she said.
âWe have to find a way out where we can make just what we need to just under the line so we can benefit from Obamaâs tax plan,â she added. âWhy kill yourself working if youâre going to give it all away to people who arenât working as hard?â
__________________________________________________________________________________________________________________________________
Michelle Malkin
The âGoing Galtâ phenom spreads; Whoopi goes on anti-tax rant
By Michelle Malkin ⢠March 6, 2009 05:15 PM
<!-- m --><a class="postlink" href="http://michellemalkin.com/2009/03/06/the-going-galt-phenom-spreads/">http://michellemalkin.com/2009/03/06/th ... m-spreads/</a><!-- m -->
Three examples I personally know of:
1. I recently talked to a record shop owner, who had two shops, four employees, open seven days a week. He let go all four employees, closed one shop, is only open five days a week, and reduced hours at that. Result? Almost the same take-home, and greatly reduced blood pressure.
2. The owner of a small custom stained-glass shop, where I am currently taking a class, let one employee go because the additional income she brought in was not worth the added hassle.
3. I retired from a pretty good job at the end of last year, at the age of 61. I could easily have kept working, or found another job. With pension, and social security in a few months, my gross will be considerably less. But, after taxes are taken into account, the net is not all that much less. I figured that I was working in a pretty high-stress job, for little incremental income.
By the way, I have talked to other folks in similar positions, who have run the numbers in the same way I did. Most of them realize they are knocking themselves out for a few bucks an hour, but keep going out of inertia, or a sense of duty. But if things get even worse, as I suspect they will, expect more upper-middle-income to upper-income folks to quietly drop out.
I would be interested to hear if other readers know of similar cases.
Posted by Uncle Bill | March 4, 2009 9:29 PM
________________________________________________________________________________________________________________________________
The Obama administration plans to raise taxes on the American people by almost $2 trillion. The first $1.3 trillion in new taxes is aimed at the highest-earning Americans, corporations and small businesses. It will be only a matter of time before the rich stop working, saving and investing. The result: It will reduce economic growth for everyone!
I saw this in the News Sun Talk of the County section. Michelle Malkin's column has been following this phenomenon -it's called 'going galt.' People around the country who make above the $250,000 amount are readjusting their businesses/incomes so that it comes below that level. They say they'll make just as much money after the tax changes. The ripple affect of this will be seen.
<!-- m --><a class="postlink" href="http://michellemalkin.com/2009/03/04/going-galt-and-the-next-tea-party-wave/">http://michellemalkin.com/2009/03/04/go ... arty-wave/</a><!-- m -->
Thereâs a new report on ABCNews.com about how upper-income business owners are looking for ways to reduce their earnings to deny the government their tax dollars. This is exactly what Dr. Helen was talking about in October and on our PJTV panel this weekendâ the producers of this country choosing to âGo Galt.â Itâs the sentiment you saw in the âAtlas Will Shrugâ sign at the Denver anti-pork rally two weeks ago and at many of the Tea Party protests. And itâs the sentiment you see in the rise of Ayn Rand novel sales.
Tax hikes have consequences. Incentives matter. Only self-deluded wealth redistributors living in la-la-land believe otherwise.
Read:
President Barack Obamaâs tax proposal which promises to increase taxes for those families with incomes of $250,000 or more â has some Americans brainstorming ways to decrease their pay, even if itâs just by a dollar.
A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.
So far, Obamaâs tax plan is being looked at skeptically by both Democrats and Republicans and therefore may not pass at all.
âWe are going to try to figure out how to make our income $249,999.00,â she said.
âWe have to find a way out where we can make just what we need to just under the line so we can benefit from Obamaâs tax plan,â she added. âWhy kill yourself working if youâre going to give it all away to people who arenât working as hard?â
__________________________________________________________________________________________________________________________________
Michelle Malkin
The âGoing Galtâ phenom spreads; Whoopi goes on anti-tax rant
By Michelle Malkin ⢠March 6, 2009 05:15 PM
<!-- m --><a class="postlink" href="http://michellemalkin.com/2009/03/06/the-going-galt-phenom-spreads/">http://michellemalkin.com/2009/03/06/th ... m-spreads/</a><!-- m -->
Three examples I personally know of:
1. I recently talked to a record shop owner, who had two shops, four employees, open seven days a week. He let go all four employees, closed one shop, is only open five days a week, and reduced hours at that. Result? Almost the same take-home, and greatly reduced blood pressure.
2. The owner of a small custom stained-glass shop, where I am currently taking a class, let one employee go because the additional income she brought in was not worth the added hassle.
3. I retired from a pretty good job at the end of last year, at the age of 61. I could easily have kept working, or found another job. With pension, and social security in a few months, my gross will be considerably less. But, after taxes are taken into account, the net is not all that much less. I figured that I was working in a pretty high-stress job, for little incremental income.
By the way, I have talked to other folks in similar positions, who have run the numbers in the same way I did. Most of them realize they are knocking themselves out for a few bucks an hour, but keep going out of inertia, or a sense of duty. But if things get even worse, as I suspect they will, expect more upper-middle-income to upper-income folks to quietly drop out.
I would be interested to hear if other readers know of similar cases.
Posted by Uncle Bill | March 4, 2009 9:29 PM
________________________________________________________________________________________________________________________________
![[Image: cleve2.jpg]](http://michellemalkin.cachefly.net/michellemalkin.com/wp/wp-content/uploads/2009/02/cleve2.jpg)