Avoiding the Taxman under the New Tax Plan

The Sign of the Dollar

Moderately wealthy people are unhappy with President Obama’s budget plan, and are devising ways to avoid the trillion dollars in proposed new taxes:

President Barack Obama’s tax proposal – which promises to increase taxes for those families with incomes of $250,000 or more — has some Americans brainstorming ways to decrease their pay, even if it’s just by a dollar. 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. “Why kill yourself working if you’re going to give it all away to people who aren’t working as hard? [emph added]

Simply earning less reportable income sounds like a much simpler plan than destroying your businesses altogether, and retreating to an enclave of entrepreneurs in the mountainous West and waiting out the “looters”, as has been imagined in the past. Of course, the win-win solution these days seems to be to get nominated for a cabinet position in the government, and simply not pay your taxes at all!

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