Here's the general gist:
According to ABC, one attorney "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." According to the attorney: "We are going to try to figure out how to make our income $249,999.00." ABC also quotes a dentist who is trying to figure out how to reduce her income.
So that's the thrust of the article: people are trying to earn a few pennies less than $250,000 so as to avoid all the socialist taxes in that bracket.
But, uh:
No, your income tax doesn’t suddenly shoot up if your taxable income rises one penny into a new bracket. To belabor the obvious, the tax code specifies marginal rates: your rate rises from 33 to 35 percent if your taxable income exceeds $372,950, but only the income above $372,950 pays the higher rate.
The liberal media: on the march toward socialism, one step at a time.
