Legal Research

I am Pro-Tax (And So Can You!)

Los Angeles Times: Democrats Calculate Risk on Tax Hikes. More than two decades after presidential candidate Walter F. Mondale called for tax increases — and lost the White House in a landslide — the Democratic Party is on the verge of a major political gamble: Some of its leading members are proposing an array of tax hikes on wealthier Americans.

Happy Halloween. The Democratic Party showed up at my door dressed as Britney Spears. Seriously, can you act any more self-destructive than running on tax hikes? Despite the overwhelming unpopularity of the Quagmire in Iraq, the Republicans just may pull off another four more years in the White House at this rate. The problem confronting the Democrats is a clash between traditional perceptions and modern-day realities. As The Wealth Report has pointed out, Americans who have reached the traditional measures of wealth don’t feel wealthy. The sad fact is that millionaires are middle-class in many parts of American nowadays.

Households earning $200,000 or $250,000 aren’t wealthy in California, New York or other high-cost states. In fact, a husband and wife each earning $100,000-$125,000 a year in Silicon Valley may only be mid-level employees. Not management. Not wealthy. Just another middle-class, working family that the Democrats have decided to attack. Go Britney!

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