Fair-minded people abhor the progressive income tax because it treats citizens unequally under law. Nearly half of Americans won't pay a dime to the Internal Revenue Service come April 15. But wealthy Americans in California will pay more than half of their income in income taxes to state and federal taxmen should Obama get his way in the "fiscal cliff" debate. At least the taxman still considers the Golden State golden. But in doing so the taxman becomes the axman killing the goose that lays the golden egg. If you impose disincentives to wealth creation, fewer people will create less wealth. Apart from concerns of utility and justice, there are concerns of morality, ethics, sin if you will. I count at least three (greed, gluttony, and envy) of the seven deadly ones in the proposal to amp up class-warfare taxation. Are the wealthy greedy for wanting to keep most of the money they earn? Or, is the government greety for wanting to take most of the money they earn?
Greet, for lack of a better word, is good.
By in large, it’s Dems who never can seem to figure out that they can’t spend what they don’t have.
Bad enough at the Federal level we are running record debts but another Democrat model for fiscal insolvency is my (for now) home state of Massachusetts. For fiscal year 2013, the budget is $32.5 billion with shortfalls of around $1.3 billion (this after raiding the rainy day fund).
Some creative and not so creative ‘revenue generating’ moves are afoot. Raising the already very high gas tax, taxing individuals for each mile driven, assessing a surcharge to business for every employee who makes over $100k.
Nobody knows how to kill the Golden Goose like progressives! Pushing earning and paying concerns out of the state to support entitlement and welfare programs does not seem to be a problem for the party of the obtuse.