INCREASING INCOME TAXES ON THE WEALTHY

In light of the election, we are hearing some different thoughts from some conservatives.  Perhaps the most interesting is from Bill Kristol of the Weekly Standard (https://mail.google.com/mail/?shva=1#inbox/13af5f57502c4dbf):

“I don’t really understand why Republicans don’t take Obama’s offer to freeze taxes for everyone below $250,000,” he said. “Make it a million? Really? The Republican Party is going to fall on its sword to defend a bunch of millionaires, half of whom voted Democratic and half of whom live in Hollywood and are hostile.”

And he is quite correct.  Seven of the top 10 richest members of congress are Democrats and Nancy Pelosi is #12.  So they are doing it to themselves  I like to say that these are the wealthy with a conscience.  The truth is, however, that most wealthy people take advantage of tax loopholes (Mitt Romney being just one example) so raising the top income tax level will not hurt them.

Besides, there is the implication put out that if the income tax level is raised to 39.6% it will be on their entire income, whereas it actually is just on the sum ABOVE $250,000.  Thus if you made $300,000, the 39.6% will be just on the $50,000 above $250,000 for an increase of just $2,480 over the 35% rate.