February 24, 2009
President Obama addresses Congress and the nation tonight at 9 p.m. Eastern time. He is expected to focus on the economy and his proposed solutions.
The president is bound to get what he wants, including income and capital gains tax increases. Tax hikes in the past have stifled the economy and tax cuts have expanded the economy, but Democrats have long bought into their doctrine and will not be dissuaded from it.
People fortunate enough to make more than $250,000 a year can always reduce their income to avoid paying the higher taxes, but creative people will just work harder to earn more. That’s what creative people do.
My suspicion is that the Democrats will create new and expand old programs that will be hard to reverse whenever Republicans gain power again. That’s the way it always works.
If someone were asking for my advice I would say: save as much as you can and invest it wisely. Take care of yourself because you don’t want government taking care of you.
Cal Thomas is a nationally syndicated columnist based in Washington, D.C.