How Low Can It Go?

[70Chip]

Originally Posted by firstdown

No they don't have to close up shop but they could find ways of putting money away so it not considered income. They could by a car through their company instead of through their personal money thus reducing their income by that amount. I do have a friend who said last year he made right over $250,000 and that he does not see where he can make much more than that next year. He is planing on cutting back his hours some toward the end of the year so he does not jump into the higher tax bracket. I think this will become common with self employed people because why work harder to make $265,000 instead of $248,000 when all of that additional income will go toward paying higher taxes.

The joke among the upper middle class types (dentists, architects, consultants, et al) is that they will be taking more time to work on their golf games going forward. "Dr. Beeper" from Caddyshack comes to mind:

"Just snake a tube down her nose and I'll be there in four or five hours. Testing now."

The achilles heel of socialism is that either God or evolution has made us selfish. Nobody is going to bust their ass so that some stranger can have health care. But, we will kill ourselves for the sake of our own pleasure - a bass boat, or an in-ground swimming pool, or a weekend in Vegas with Eliot Spitzer grade whores. This is why socialism is always on the edge of the slippery slope to totalitarianism. At some point you end up with a gun pointed at you and a voice saying, "You'll do it without the benefit of a bass boat!"