From WaPo:
House Democrats agreed yesterday to raise taxes on the wealthy to pay for a sweeping expansion of the nation's health-care system, proposing a surtax on the highest earners that could send the top federal tax rate toward 45 percent.
Beginning in 2011, the plan would target all income over $350,000 a year for families and $280,000 a year for individuals, Democratic sources said. The surtax would start at 1 percent, rise to around 1.5 percent for families earning more than $500,000, then step up again, to around 3 percent, for families earning more than $1 million, Democrats said.
The genius of Obama's and the Dems' plan to ram such tax hikes through now, in the midst of our economic woes, is that whatever further and heightened economic woes that are sure to follow cannot possibly be traced back to such policies. You're pretty safe setting fire to houses when a wildfire is already going on.
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