When President Obama returns to Wisconsin this month, you can have your picture taken with him for $10,000. I think I will bring a check for $1,427 to teach him how his new tax rates will impact those of us who actually pay our taxes.
First of all, let’s assume he is a responsible retirement saver and is putting away 8% of his $10,000 earnings into a 401(k) - that is an $800 withholding that we will tax later. His Medicare tax on the balance is $267, Social Security tax is $1,150, and his federal income tax is $3,588 under his new top marginal rate.
His state income tax withholding is $1,023. Welcome to Wisconsin, Mr. President.
Wisconsin will not only tax this $10k, but also the pro-rated portion of his Presidential salary that he earns while breathing our air. We forgot to nail him in Racine last month, so I tacked 2 days onto this bill. Don’t complain, sir, or we will declare you a Wisconsin businesses and hit you with combined reporting – then we can tax the royalties from your book sales in Paraguay. Talk to the hand.
So that leaves the President with take home pay of only $3,172. Welcome to the tea party, brother.
But we’re not done with the carnage yet; the President is imposing a 55% inheritance tax this year. If, God forbid, he should die before he can cash my picture-posing-paycheck, the new Obama death tax would grab another $1,745.
Leaving only $1,427 for little Malia Ann and Sasha. Welcome to the Libertarian Party, girls.
Oh, wait….. that photographer got paid, didn’t he? The IRS might just decide he was acting "substantially as an employee", and unless the President provided health insurance, the estate would owe that new $2,000 health care head tax that was "the right thing to do".
Now, the way Mr. Obama’s poll numbers are trending these days, I might be the only guy to show up for the photo op, so his girls would have give back the $1,427 from my $10,000 and then cough up another $286.26 apiece from the money they earned doing their chores and putting their baby teeth under the pillow.
This is an outrage! I can’t be a party to the looting of innocents; so on second thought, I think I will just pass on this Obama picture thing altogether and let those sweet little girls keep the money they earned.
Because, my dear liberal socialist Democrat friends, letting sweet little girls keep the money they earned is what cutting taxes, reducing spending, and limiting government is all about.
"Moment Of Clarity" is a weekly commentary by Libertarian writer and speaker Tim Nerenz, Ph.D. Visit Tim’s website www.timnerenz.com to find your moment and order his new book, "Tooth Fairy Government."