by Dick McDonald

Barack Obama has made no bones about it. He is going to eliminate the cap on payroll taxes to save the Social Security/Medicare programs. Those making over $97,000 a year will be hit with an additional 15.3% in payroll taxes for anything they make over $97,000.

Let’s assume you are a $20 million a picture actor and you make two pictures a year. Obama is going to ask you for an additional $6,130,000 of new taxes over and above the $14,000,000 you pay at 35%. In other words he wants you to pay a 44% increase in your taxes to compensate for Congress’s irresponsible use of the pay-as-you-go method of funding those programs over the years and promising more than they could afford – to be precise $45 trillion more and counting.

Now if you are a run-of-the-mill celebrity and only make an extra million above the $97,000 cap it is only going to cost you an extra $153,000 in new taxes over the $350,000 you pay to the IRS.

Assuming you are a Hollywood liberal the price of being one has just gone up – thanks to your new liberal political idol. The tragedy of such liberal philosophy is that raising taxes on the rich never makes the poor wealthy. Raising taxes on the rich will merely reduce the capital in the private sector used to keep the economy humming. Obama’s raising the cap won’t make the poor wealthy, it merely covers up the screw-ups of Congress and keeps massively inadequate retirement programs called Social Security and Medicare from being scrapped for better ones.

There are better programs that not only promise benefits 20 times better than the present plans, but will increase the value of the US Dollar as well as increase the net worth of America and Americans as well.

Hopefully someone in Hollywood is paying attention. Why would Hollywood feel obligated to pay for political mistakes even if those mistakes were made by politicians in Hollywood’s favored party? It doesn’t seem fair to Hollywood. Their salaries are going to be the hardest hit. Corporate types will just alter their compensation packages to avoid this 15.3% punishment.

For further information, go to Rise Up America

1. you need to remember when congress raises taxes on the rich I think you will find, there is a compensating loop hole to make up the difference

   Comment by Ron K — April 18, 2008 @ 3:35 pm

2. Yes, but the Congress specifically passed the a marriage penalty.
   specifically passed the death tax,
   specifically passed the kiddy tax,
   specifically passed capital gains taxes,
   specifically passed taxes on savings account interest,
   specifically passed increasing taxes on social securty benefits,
   and Obama himnself specifically admits increasing capital gains discouages investment, but that its needed to be “fair”. Fair???

   Comment by T. A. Gray — April 19, 2008 @ 9:07 am

3. In Europe, “fairness” is what keeps wages low and unemployment high.

   In America, “fairness” is what politicians cite when they have no legitimate reason to confiscate and redistribute your income.

   “Fairness” is the crowning acheivement of Cuba, North Korea, and the Los Angeles Unified School District.

   Comment by reenforce — April 19, 2008 @ 10:41 am

4. Fairness is no longer the government protecting the rights of its citizens,

   it has has become those who work for a living, propping up a bureaucray that coddles those who do not work for a living.

   Comment by T. A. Gray — April 19, 2008 @ 6:30 pm