The answer is: NO!
Idiocy reigns in the latest political season, as McCain calls Obama a “socialist. If he is, then Kennedy was, and Clinton was, and even most republicans except for Steve Forbes are all socialists.
The only argument the McCainists can offer for this hare-brained assertion is that Obama supports the traditional notion of having “tax brackets,” also known as a progressive income tax system. In a progressive tax system, one uses progressively higher tax brackets at higher income levels. It’s not “socialist” — it has always been the American way of taxation!
The basic root of the concept of progressive taxation is that of noblesse oblige. It comes from the capitalist culture of old wealth and nobility. The rich have more to lose, and so they do willingly pay more of their income for the government and the welfare of all. The noble wealthy view this as their responsibility to society.
If you think Obama is a socialist, aren’t the Republicans also socialist because they haven’t supported a “flat” income tax in America?
If you think Obama is a socialist, maybe you think that someone earning $15,000 a year should be required to pay some income tax. What percentage of this poor person’s income would you like to seize? What percentage can this person afford to part with?
Now imagine someone earning $15,000,000 per year. What percentage of his income do you think this person can afford to part with?
Our system of progressive taxation is a way of accounting for simple facts of economics, like, the fact that a gallon of milk costs a poor man a much higher percentage of his income than it does a rich man. Like the fact that the rich man can meet all his own needs, and the needs of dependents, and still has money left to spare, while the poor man can barely afford to meet his own needs. Like the fact that the rich man needs government services like police protection of property more than the poor man. Nobody can steal your BMW, if you haven’t got a BMW.
Tax Rates for 2007:
(Source: IRS)
Schedule X — Single
| If taxable income is over– | But not over– | The tax is: |
|---|---|---|
| $0 | $7,825 | 10% of the amount over $0 |
| $7,825 | $31,850 | $782.50 plus 15% of the amount over 7,825 |
| $31,850 | $77,100 | $4,386.25 plus 25% of the amount over 31,850 |
| $77,100 | $160,850 | $15,698.75 plus 28% of the amount over 77,100 |
| $160,850 | $349,700 | $39,148.75 plus 33% of the amount over 160,850 |
| $349,700 | no limit | $101,469.25 plus 35% of the amount over 349,700 |
Schedule Y-1 — Married Filing Jointly or Qualifying Widow(er)
| If taxable income is over– | But not over– | The tax is: |
|---|---|---|
| $0 | $15,650 | 10% of the amount over $0 |
| $15,650 | $63,700 | $1,565.00 plus 15% of the amount over 15,650 |
| $63,700 | $128,500 | $8,772.50 plus 25% of the amount over 63,700 |
| $128,500 | $195,850 | $24,972.50 plus 28% of the amount over 128,500 |
| $195,850 | $349,700 | $43,830.50 plus 33% of the amount over 195,850 |
| $349,700 | no limit | $94,601.00 plus 35% of the amount over 349,700 |