As Paul Simon wrote, there's a "loose affiliation of millionares and billionares, baby". We know that there's an unprecedented wealth disparity right now in the US. Bush and Paulson are busy increasing that gap and maybe pulling a few good old boys up while pushing a few undesirables down. So it seems like an Obama progressive tax would help things out, right? Wrong.
All it does is create a mote around the elite, because it's an income tax. If you already have obscene wealth, you're not actually working. You might pay a capital gains tax on stock that you sell. You will not be paying an income tax. Only workers pay an income tax.
So let's say I've studied hard to become a great computer programmer. My skills are in extreme demand because there are few people who can do what I do. But no matter how much my employer pays me, I can't afford a nice house in the bay area, or my dream car; becuase each additional dollar I earn gets taxed more.
My neighbor can, though, and I wonder why. I find out that he was a banker during the subprime bailout and received huge bonuses as Bush left office because he was a friend of Paulson's. He doesn't work now, he just lives off of the interest of his money, which isn't taxed like mine, occasionally investing in a company that Obama is creating tax credits or providing federal funding for - because they're the only ones that can survive in a socialist economy. Most of his money he moved over seas because that's where quality workers, like me, are moving, to get the money we rightly deserve. I don't want to move, so I surrender to the idea that I'll never break through the ceiling. I become depressed and produce less, which is bad for everyone.
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