Going Galt: Tax hikes have consequences

(Photo credit: Free Colorado)
There’s a new report on ABCNews.com about how upper-income business owners are looking for ways to reduce their earnings to deny the government their tax dollars. This is exactly what Dr. Helen was talking about in October and on our PJTV panel this weekend– the producers of this country choosing to “Go Galt.” It’s the sentiment you saw in the “Atlas Will Shrug” sign at the Denver anti-pork rally two weeks ago and at many of the Tea Party protests. And it’s the sentiment you see in the rise of Ayn Rand novel sales.
Tax hikes have consequences. Incentives matter. Only self-deluded wealth redistributors living in la-la-land believe otherwise.
Read:
President Barack Obama’s tax proposal which promises to increase taxes for those families with incomes of $250,000 or more — has some Americans brainstorming ways to decrease their pay, even if it’s just by a dollar.
A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.
So far, Obama’s tax plan is being looked at skeptically by both Democrats and Republicans and therefore may not pass at all.
“We are going to try to figure out how to make our income $249,999.00,” she said.
“We have to find a way out where we can make just what we need to just under the line so we can benefit from Obama’s tax plan,” she added. “Why kill yourself working if you’re going to give it all away to people who aren’t working as hard?”
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The nationwide Tax Day Tea Party is April 15. I’ve just signed on as a sponsor. Make your voices heard.
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Our wealth for their power? Never!
The left has done a decades worth of damage in a few weeks, they are just getting warmed up as there are a few areas left that they do not yet have total control of!
Please read Randall Hoven’s Bingo! Call It Communism at AT.
No surprise there.
Yeah… that Obama… he’s a real motivator huh?
What kind of Dope would do what he is doing in this climate? That would be like sticking some Community Organizer in the White House and expecting that he had a clue as to what to do.
oh yeah.. that’s what happened.
I wonder how many ex-pats are being created this quarter. Those are the ultimate Galts, and I don’t blame them for bailing.
I’ll be in Madison for that tea party.
Test
My personal John Galt:
My wife and I make ~$200k. Before the election it was announced that our company was being acquired by a larger rival. Knowing that we’d likely get laid off I left for another position leaving her behind to collect her retention and severance when she is finally laid off. We decided after the election that when she finally did lose her job that she would stay home with the kids until Obama lost in 2012. Our gross income will be cut in half, I get another tax deduction with her as a dependent, and we’re in a lower tax bracket all resulting in our tax bill being reduced by more than half. I also took part of my new pay package in preferred stock which I’ll hold for years or decades if I have to just to avoid the taxes.
Screw you Obama!
Ex- pats?
How about recent immigrants (chinese, indian) who work in our tech sectors and are the entrepreneurs of the present or future?
There certainly would be a point where it is no longer to run your start-up or start a business in this country.
From an exchange between Charlie Gibson and BHO at the dem primary debate in Philadelphia last April that bears repeating over and over and over again to every damn person who voted for Obama:
(emphasis mine)
There was no serious pursuit of that exchange in MSM to my knowledge but it would have been easy to challenge BHO with the question, IF you are so concerned about fairness then HOW will the federal government be better prepared to dish out that ‘fairness’ with less revenue?
It’s just so strange to me. BHO appears to actually understand and believe the Laffer curve but really has this unshakable intention to simply PUNISH the rich.
But how how in the world can he reconcile that idea when he IS rich himself? Could it be that perhaps OBAMA HATES HIMSELF (as do many males who were abandoned by their fathers)? To me, this is a VERY worrisome question…