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  • The Coming Blue State Collapse

    02/26/2009 4:26:05 PM PST · by giant sable · 54 replies · 1,722+ views
    Edgelings/Pajamas Media ^ | February 26, 2009 | Rich Karlgaard
    Here’s a quick and dirty guess: Upper-middle-class families in blue states–those President Obama calls “the rich”–will soon be paying 20% more a year in state and federal taxes. If you pay $100,000 off of a $300,000 income now, look for $120,000 in a couple of years. Federal income taxes are going up, and deductions are going down. That much we know. What we don’t know yet–but I would bet money on it–is if the 7.65% Social Security and Medicare tax ceiling will be lifted from $102,000 to $150,000 or so. Taxes are headed up at the state and local level...