At California Conservative, Dick McDonald asks a good question – why are high paid Hollywood stars backing Barack Obama while he promising to eliminate the cap on payroll taxes, that would allow for 15% more being withheld for incomes of $97,000 a year or more?
Let’s assume you are a $20 million a picture actor and you make two pictures a year. Obama is going to ask you for an additional $6,130,000 of new taxes over and above the $14,000,000 you pay at 35%. In other words he wants you to pay a 44% increase in your taxes to compensate for Congress’s irresponsible use of the pay-as-you-go method of funding those programs over the years and promising more than they could afford – to be precise $45 trillion more and counting.
Wow. That is a lot of money. So why would some Hollywood liberals still back Obama at such a high financial cost to themselves? Is it possible they’re thinking about more than money?