Today Drudge has a report from the AP which should be troubling to all middle class Americans:
Greeks earning more than €42,000 ($55,000) per year will now be taxed at a new top rate of 42 percent, under a major new tax reform bill submitted to the country’s parliament late Thursday.
Under the new guidelines, the 42 percent top tax rate and earnings threshold replaces the previous level of 45 percent for incomes above €100,000 ($130,770). The new rate is part of a simplification of the country’s tax rules. There are currently eight tax bands ranging from 18 percent to 45 percent. These will be replaced by three tax rates: 22 percent, 32 percent and 42 percent.
Greeks earning less than €25,000 ($32,700) a year are set to benefit from the new system in spite of the raise in the basic tax band as the government is proposing to raise the threshold on which income is taxed.
The new tax rates, part of the austerity measures demanded by the country’s international rescue lenders, were submitted to parliament hours after the finance ministers from the 17 European Union countries that use the euro agreed in Brussels to restart rescue loan payments.
Middle class Americans who want to stick it to the rich in taxes should realize that there isn’t enough money there to fund our programs and chisel away at our debt. So the inevitable solution, as the Democrats know, is to raise taxes on the middle class. The most money is there.
Obama would love this because he has a hatred of our American system that has lifted so many people out of subsistence towards prosperity. That there are poor existing in the U.S. does not in any way indict the system except in his spiteful eyes.
The tax man has you in his sights. Don’t kid yourself.