Historic tax rates
When the Bush tax cuts expire shortly, the highest personal federal tax rate will reach 45%. In my state and many in this country the effective overall tax rate for individuals will be over 70% and in some states much higher.
There was virtually NO incentive in the current economic stimulus package for small business owners and certainly no favors done for high earning individuals.
Why exactly should people in this country continue to have the passion for excellence? Why is it we should continue to risk everything to start new companies and innovate when the message from the Federal Government is ‘go ahead and earn all you like because we’re going to keep taking.’
At a chilling crossroads
With the enormous burdens of health care and cap and trade staring at us, we’re clearly at a chilling crossroad. We all define success differently. But it’s not specifically about the wealth but about the desire for success and the reward for it that should drive us all.
That drive is going to die a certain death in our country if we don’t respect and nurture it. Right now…it’s easy to bastardize the successful because politicians are hell bent on taking as much of that success as possible.