I've just figured out how the GOP has managed to hold on to power for so many years. The answer is this: there are a lot of stupid... no, strike that... incredibly stupid people out there. Media Matters for America examines a story reported on by ABC News:
ABC News reports on "upper-income taxpayers" who are trying to reduce their income so they avoid proposed tax increases on those earning more than $250,000.And this is from the ABC News story itself:
This is stunningly wrong.
In reality, a family earning $255,000 will pay the higher tax rate only on its last $5,001 in income; the first $249,999 will continue to be taxed at the old rate. So intentionally lowering your income from $255,000 to $249,999 is counter-productive; it will result in a lower after-tax income.
Would you hire this attorney to fight a traffic ticket? No, let me rephrase that: would you hire this attorney to mow your lawn?
A 63-year-old attorney based in Lafayette, La., who asked not to be named, told ABCNews.com that she plans to cut back on her business to get her annual income under the quarter million mark should the Obama tax plan be passed by Congress and become law.
"We are going to try to figure out how to make our income $249,999.00," she said.
"We have to find a way out where we can make just what we need to just under the line so we can benefit from Obama's tax plan," she added. "Why kill yourself working if you're going to give it all away to people who aren't working as hard?"