Sonntag, 15. November 2009

Cavuto: For the Rich, the Tax Apocalypse May Be Here

Missed Friday's Cavuto ? Catch "The Deal" right here on FOXBusiness.com

Friday, the 13th.

2012.

200,000.

You have five seconds. Connect them all.

Here's the deal.

It's the apocalypse.

It's gotta be.

The movie "2012," chronicling the end of the earth, debuts this Friday, the 13th.

A date that those making at least 200,000 bucks a year might mistake for Groundhog Day, since, for them, everyday's kind of like Friday, the 13th.

Because it seems everyday they're a target. Today, they just became a bigger one.

See a trend here?

Need to pay for stimulus?

Hike their top rate five points?

Need more money for health care?

Hike it "another" five points?

Need a cushion for more spending?

Cut down on how much these fat cats are deducting.

And need another inventive way to pay for a lot of this stuff?

Stick it to 'em again by raising their medicare payroll taxes.

It's true.

In the latest "how much more can we hit 'em," add Senate Majority Leader Harry Reid's Medicare tax hike to the hit parade.

Specifically, Reid wants to raise the payroll tax to 1.75 percent from 1.45 percent for individuals earning more than $200,000 a year, and couples making more than $250,000.

No surprise the target...Big surprise this latest tax.

Which, when you combine states raising their taxes, and some piling on surtaxes on top of those taxes for...Lo and behold this 200-something bunch...Now has the top rate touching 60 percent...And climbing.

And all because support among Democrats for getting others to share the cost of this was falling.

So...Hiking taxes on high-value insurance plans valued between 8,000 bucks and 21,000 bucks...Out.

Hitting up that 200-something crowd? In.

Leaving aside we'll probably run out of rich people if we keep this up...They should look at the bright side.

According to that movie, the world ends in three years.

So let's just say, the financial hit will be brief.

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