The LA Times brings us this gem regarding Obama’s proposed budget.

In 1979, the top 1% of U.S. households earned eight times as much as the middle 20% and 23 times as much as the bottom fifth; by 2005, the Congressional Budget Office found, the upper crust touched 21 times as much as the middle class and 70 times as much as the bottom. Adjusting for inflation, the average American worker made 16% less in 2004 than in the 1970s, according to economist Benjamin M. Friedman.

The evil top 1% of income earners are targeted again.  1% is only 1 in 100.  Certainly not a distant select group of uber wealthy families.  These are your neighbors.

Earning 70 times more than the poorest Americans is hardly something to be embarrassed about.  What is 70 x 0?

The budget plan would restore the top income tax brackets to their levels before the 2001 Bush tax cuts, with the topmost rate rising to 39.6% from 35% now, hardly an excessive increase. The higher taxes kick in at $250,000 for a married couple and $200,000 for individuals.

This is a direct tax on small business — the life blood of any economic recovery.  From townhall.com

“According to Internal Revenue Service data, half of all business income is taxed at individual rather than corporate tax rates, and about two-thirds of all flow-through business income is earned by small-business owners with annual incomes exceeding $200,000,” said economic adviser Cesar Conda.

…

But Obama’s demands for more tax revenue don’t stop there. He wants a 2 percent to 4 percent payroll tax surcharge on taxpayers earning more than $250,000 to boost Social Security surpluses (which the government spends). And he wants to restrict the itemized tax deductions for this same group of taxpayers, which would push their income tax rate up by another 7 points.

“The bottom line: Up to one-third of all business income is taxed at the two marginal rates Obama wants to raise,” Conda told his business clients.

If you aren’t in that tax bracket yet, perhaps your ambitions in live are to get there someday.  Then you can be a part of the evil top 1% and give up nearly 60% of your earnings in taxes.  Certainly that money is better spent in the governments hands than your family’s.