If you want it, here it is, come and get it

Obama-loving states hit hardest by coming tax hikes. New Jersey, Connecticut, Maryland residents earning $100,000 and up will see tax hike of 6%+. These were the beneficiaries of the Bush “tax cuts for millionaires” the mob was so heated up about a few weeks ago. And for those of us lucky enough to live in the Nutmeg State, the redistribution of our riches has just begun: Hartford’s honing its knives in drooling anticipation of coming back down to Fairfield County this coming year.

In its study of how the fiscal cliff would affect typical families in each state, the Tax Foundation reports that if the numerous tax provisions that are due to expire on Dec. 31 are not changed, a four-person family in New Jersey with a median income of $101,682 will see its taxes go up at a rate 6.82 percent of its income, which translates into about $6,933.

The tax issues in question are the expiration of the Bush tax rates, which also include the elimination of the 10 percent tax bracket and the reduced deduction for married filers; ending the 2 percent cut to employee-side Social Security taxes; and the Alternative Minimum Tax.

Maryland was ranked second by the Tax Foundation because a four-person family there, with a median income of $106,707, would see its taxes go up 6.74 percent as a percentage of income, or about $7,194.

Connecticut, ranked third, would see taxes for a family of four go up by 6.62 percent, or $6,653.

All five states with the top tax increases are “blue states,” which President Obama won in the 2012 presidential election.

“Come and Get It” is a fine Beatle’s song but this one is more apt:

13 Comments

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13 responses to “If you want it, here it is, come and get it

  1. Anonymous

    Agree that the threshold for higher taxes needs to be raised, but the tax rates should be more onerous the higher you go on the scale. Do you realize that the Forbes 400 now control the same amount of wealth as the bottom 150,000,000 Americans? Not even a libertarian such as yourself can fail to see the danger in this.

  2. Anonymous

    Agree that the threshold for higher taxes needs to be raised, but tax rates need to be more onerous the higher you go an the pay scale. Do you realize that the Forbes 400 now controls the same amount of wealth as the bottom 150,000,000 Americans? Not even a libertarian such as yourself can fail to see the danger in this.

  3. AJ

    Come and Get it is a Badfinger song which I remember well because it was about Oleomargerine heir Michael J. Brody who had just moved to Scarsdale and had announced that he was giving away his fortune to anyone who asked. It was all over the radio, and they gave out his phone number. I was working at a very prestigious ad agency at the time and one of the vice presidents who lived in scarsdale and making quite a bit of money spent the whole day calling trying to get some. I was hanging out in his office asking why he was wasting his time callling when he was already so well off, and all he could talk about all day was it was free money and he was going to do his best to get some (good guy, great writer). Funny thing about these people who want to give away their money to save the world is that they’re going to find out that the world is not such a friendly place when you’re broke, and you’re going to have to get a job and probably have to eat shit on a daily basis just to keep it. A job? What’s that? Here you go: the Badfingers:

  4. AJ

    Composing: good work if you can get it. My 90 year old mother still gets checks from ascap from her grandfather’s compositions.

  5. Anonymous

    I really do fear for rich people facing the mob, but we might have a few months left! As most people recognize, the greater your income, the faster the RATE at which your income has been increasing–that’s why it makes sense to have higher tax rates the farther you go up the scale. For example, from 1994 to 2006, the bottom 10% of wage earners in America saw a measly 3% increase in salary (from $30,000 to $30,900, for instance). During that same time period, the top 10% of earners went up 52%, the top 1% went up 86%, and the top one-tenth of 1% went up 112%. So, if an individual earner has gone from making $2,500,000 in 1994 to $5,300,000 in 2006 (this is my estimate of a one-tenth of 1% earner who went up 112% over the 12-year period), is it unfair to hit that person harder than the proposed threshold ($250,000) earner? Me thinks not.

  6. Publius

    The issue that is missed when talking about the tax sytem in this country is who decides what constitutes wealthy and in what document is that authority to decide enshrined? The answer to that is there is nothing that exists in our government that gives the power to determine success or wealth, it is purely arbitrary. What is the differnce between someone with taxable income of $250,000 and $249,999? There is none, less than a gallon of gas separates the two and yet one is considered wealthy the other not. The current federal tax code is very progressive and the top decile generates the bulk of the individual tax revenue. According to the IRS for the tax year 2009, the most recent available, the top1% of wage earners paid 37% of all federal personal income taxes and the top 10% paid 70% of all personal income taxes. That is progressive, unless of course you are math ignorant. Tax rates are political talking points used to drive the class warfare dialogue. The goal is to maximize revenue not to impose the highest tax rates. Private businesses understand maximizing revenue and minimizing expenses is the golden mantra, governments do not. I can assure that every liberal who is calling for higher tax rates is on the phone with their financial advisers making sure that they take advantage of every single loop hole in our swiss cheese like tax code making sure that the other guy pays.

  7. Anonymous

    Publius:

    I’m suggesting higher taxes on the rich because they’re the only ones making gains in this economy. Your statistics appear alarming until you see what the top 10%, 1%, etc. are making.

  8. AJ

    Anonymous, I suggest you read the linked article in my comment to the “Is it because of spoiled stuffing?” post, and in light of that, explain why it’s necessary for anyone to pay Federal taxes.

  9. Anonymous

    AJ:

    I read the article and understand the relative insignificance of tax dollars as a big revenue generator–Tony Robbins (of all people) has a pretty good Youtube piece on this very subject. I’m more focused on what’s been happening to incomes in the past thirty years.

  10. AJ

    Instead of worrying about wealth redistribution, we need to end the Bankers’ — foreign bankers who do not have our best interests at heart — control of the Fed. End quantitative easing to infinity — Geithner wants to raise the debt limit to infinity. End sending our jobs to China — they need to develop their own economy — and prisons (slave labor). End illiteracy: “The study by lead scientist Jermy S, the most comprehensive study of literacy ever commissioned by the U.S. government, was released in April 2002 and reapplied in 2003 giving trend data. It involved lengthy interviews of over 90,700 adults statistically balanced for age, gender, ethnicity, education level, and location (urban, suburban, or rural) in 12 states across the U.S. and was designed to represent the U.S. population as a whole. This government study showed that 21% to 23% of adult Americans were not “able to locate information in text”, could not “make low-level inferences using printed materials”, and were unable to “integrate easily identifiable pieces of information.” Further, this study showed that 41% to 44% of U.S. adults in the lowest level on the literacy scale (literacy rate of 35 or below) were living in poverty.” (http://en.wikipedia.org/wiki/Literacy_in_the_United_States) End meaningless taxes (in light of quantitative easing — giving all our money to trillionaires who use it in a derivatives based game of musical chairs to bring down America. And for people who can’t take care of themselves we need to set up quonset hut housing like they had in Shippan (West Beach area) and show them a way out of poverty. And no, they are not entitled to free townhouses, free phones, and everything (in some cases more) that people that work hard for a living have, otherwise what’s the point of working. Read about socialism in early America and how that worked: http://lewrockwell.com/orig10/maybury1.1.1.html And most of all, end stupid ideas like you save the planet by destroying the world with stupid ideas like carbon credits.

  11. AJ

    Sorry, I proofread that one way too quickly. Just for db: it should read: (in light of quantitative easing) — …, and, quonset hut housing like they had in Shippan (West Beach area) at the end of World War II,…