House Speaker Nancy Pelosi (D-CA) has an idea that’ll make Obamacare an easier pill to swallow: up the income limit for the surcharge. The proposed bill as it stands would hike taxes for individuals with annual adjusted gross income of $280,000, or $350,000 for families.
Pelosi wants to make it $500,000 before the taxes kick in.
That’s a nice gesture, but a tax hike is a tax hike no matter how you dress it up. And tax increases aren’t helping anybody in this economy. What will taxing the wealthy do? Instead of spending more time in the U.S., these wealthy people are going to live overseas where tax rates are lower, buy a house there, hire locals for services, go shopping outside of the U.S., etc. They may even decide to start a business overseas.
So how does that help America by taxing the wealthy to death and driving them away?
