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Leftism in Full Throttle
Hey! Greece LOWERED its top marginal tax rate from 45% to 42%!
Great news, right? Wrong.
They shifted the brackets. The previous earning threshold was $130, 700. Now anyone making over $55,000 will have their money confiscated to the tune of 42%.
Greece is our canary in the coal mine.
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.\
In return for the rescue loans, Greece’s international lenders have insisted on a series of reforms, tax raises and spending cuts.
But the successive hikes in taxes, required to meet deficit-cutting targets, have hammered the economy, pushing unemployment up to 26 percent, and with more than 20 percent of the population now officially living in poverty — earning less than €7,200 ($9,420) per year.
Huh? How could that be? Raising taxes is good! And having people in poverty is STIMULUS.
Mark Zist
December 14th, 2012
And the EU keeps bailing….
eternal ¼ cracker p
December 14th, 2012
All governments everywhere should mandate all their workers pass an Economics 101 class. It would cut about 90% of all governments, so you see why there isn’t — and never will be — such a prerequisite.
Machloja
December 14th, 2012
…”Greece is our canary in the coal mine.”
And is about time somebody squeeze that canary balls.
Twellsy
December 14th, 2012
Soon to be in a country near you.
Stranded in Sonoma
December 14th, 2012
@Mark Zist — Yeah. They’re standing in the ocean and scooping water into a bucket from their right side and pouring it out on their left and saying, “Look! Now there’s less water to my right!”
Major Mal function
December 14th, 2012
And the parasite class keeps growing.