'Bait and Switch' Taxes

By:  Thomas Sowell
09/10/2012
       
'Bait and Switch' Taxes

We have heard many times from President Barack Obama how he plans to raise taxes on "millionaires and billionaires," but not on the middle class. Apparently, if you don't happen to be a millionaire or billionaire, you don't have to worry.  But the numbers say otherwise — and say so big time.

We have heard many times from President Barack Obama how he plans to raise taxes on "millionaires and billionaires," but not on the middle class. Apparently, if you don't happen to be a millionaire or billionaire, you don't have to worry.

But the numbers say otherwise — and say so big time.

The actual tax increase plans being proposed by Obama do not start with people who have an income of a million dollars a year. They start with people with incomes of $250,000 and up.

That is more than most people make, but it is far short of a million dollars, and miles away from a billion dollars. How many of the people who stand to get hit with Obama's higher tax rate plan are in fact either millionaires or billionaires?

According to the Internal Revenue Service, there are more than 2,700,000 people who earn $250,000 a year or more — and fewer than one-tenth of them earn a million dollars or more. So more than nine-tenths of the people who would be hit with the higher taxes supposedly aimed at "millionaires and billionaires" are neither.

When businesses advertise one thing and then actually sell something else, that is called "bait and switch" advertising. That is exactly what President Obama is doing with his proposed tax increases on "millionaires and billionaires."

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Thomas Sowell (photo)

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