Because Mr. Obama's tax credits are phased out as incomes rise, they impose a huge "marginal" tax rate increase on low-income workers. The marginal tax rate refers to the rate on the next dollar of income earned. As the nearby chart illustrates, the marginal rate for millions of low- and middle-income workers would spike as they earn more income. Some families with an income of $40,000 could lose up to 40 cents in vanishing credits for every additional dollar earned from working overtime or taking a new job.Only chump change for America from Barack Obama.
P.S. The "share the wealth phrase" from The One's lips I haven't read anywhere else, though I heard it on the clip. He wants to tax small business--"the rich". Obama thinks it's OK to punish people who work hard and create jobs. That sounds un-American to me.
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