Above the Law figures just how much an Obama presidency will cost you (that is, if you are making over $164,000):
The effect is enormous. Betsy's marginal tax rate goes up from an already ridiculous 42.5% to 51.4%-not including the new 6.2% marginal tax on your employer. Subject to how she structures her withholding, Betsy's take home pay drops an average of $515 a paycheck-less in the early months of the year, but much more in the later months of the year. Add in the effects on her bonus, and Betsy loses nearly $20,000/year in take-home pay.
I added a third column: how big a pay cut would you have to take to receive the same take-home income? The answer is that Obama's tax increases have a bigger effect on your income than a law firm cutting New York salaries by $34,000.
How does this effect me, you ask? Because I know one day the boss will see my true value to this company and offer me that $160k salary. I figure some time during Michelle Obama's second term.
