The Fallacy of The $250K Barrier

Barack Obama, like every Democrat to come down the pike in the last thirty years, promises only the “rich” will pay more taxes. Adam Lerrick explains why that’s not the case and what follows:

The plunder that the Democrats plan to extract from the “very rich” — the 5% that earn more than $250,000 and who already pay 60% of the federal income tax bill — will never stretch to cover the expansive programs Mr. Obama promises.

So, in some sense conservatives despondent about the prospects of an Obama presidency can hope the process is self-correcting. Obama can’t possibly spend all that money on domestic goodies without hiking taxes on lots and lots of non-rich people — or borrowing even more than we already have. However, he could pull a “fast one” — drop his big spending plans, delay a tax hike, put in some mild pro-growth measures, boost free trade and help settle the markets.

But really, with a huge Democratic majority itching to go through their wish list what are the chances of that? Not great. Republicans may be quietly rooting for Obama to let out his inner liberal — it may be their only shot to claw their way out of minority status.