The media continues to debate Obama’s plan to let the Bush tax cuts expire for the highest tax margin. With percentages set to rise to 39.6 percent, top earners will have tens of thousands less in their pockets to reinvest in the economy. My discussion ensues at the Palm Beach Post:
But Dlugash, the New York CPA, says the tax increases would sap much-needed investments made by the wealthy. For a $1 million earner, the tax increase amounts to a year’s tuition and fees at a top private college, or 160 shares of Apple Inc.
“This is $43,000 extra a year,” Dlugash said. “To whom do you think that doesn’t mean a lot? To think that that’s not important is crazy.”
Obama is intent on punishing higher income earners for the sake of fairness.