I currently fall right around that $45K point, where under the current law, for every additional dollar I earn via overtime at my second job I pay no additional taxes. Under Obama's proposal I would pay nearly 40 cents of that dollar. If I work enough extra hours to earn another $5,000 this would be an effective tax hike of $2,000. No thanks. This de-incentivizes working harder.
That's based on a graph from AEI. They're not exactly a non-partisan source. Nor exactly a reliable one.
By the way, I realize I'm not exactly forming coherent arguments here. I'm just throwing out obsevations in support of the title of this thread as they occur to me, mostly from things I've read or conversations I've had over the past few days. It's a great time to be studying Political Economy.
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