Free Markets, Free People

Tax The Rich? A Cautionary Tale …

My latest Examiner column.

~McQ

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7 Responses to Tax The Rich? A Cautionary Tale …

  • The Maryland example, which has been repeated all over the internet today, is a horrible example. I have not yet seen someone look into whether any millionaires left Maryland because of the additional ‘millionaire tax’.

    I haven’t found any statistics for the US, but I have seen an indication that the number of millionaires in the UK dropped by 50%. So a 33% decrease in the US is in no way unrealistic.

    This is an awful statistic to use when arguing against a millionaire tax. It makes valid arguments against these taxes, of which there are many, look weak by association.

    • is that the number of people who earn a million plus a year or simply people who’s net worth dropped below a million?   The two aren’t the same.  Generally speaking people who make a million plus a year don’t normally lose their job unless the whole company goes under.

      • Lots of people with an income over $1,000,000 a year have dividends and capital gains.  Guess what didn’t happen last year?

  • Washington State doesn’t have an income tax, but of course Dangerous Budget Shortfalls are making some politicians think about instituting an income tax on the “rich” (above $250K/yr).

    This has been shelved for now. The amazing thing to me is not that politicians want to institute an income tax, but that a portion of the electorate actually thinks that only the “rich” would be paying the income tax going forward once the apparatus is in place.

    http://www.seattlepi.com/local/405463_incometax23.html

  • Now The Clown™ is going to impose a VAT tax on us working slobs, so he can fund more of his radical socialist agenda.

    The more The Clown™ does shite like this, the more unpopular he will become. I believe that by Thanksgiving he will be down below 50% approval. In 2010, the Dems will lose the House and seats in the Senate. The Clown™ will make his re-election chances slimmer and slimmer with each new tax raise and deficit spending boost.

  • Keep in mind taxes can be cut, and high taxes cause people to reconsider voting for the Dems.

    Frankly, if he imposes a VAT, later on the GOP could keep the VAT but cut corporate and payroll taxes. 

  • I would not expect to see a VAT unless Obama wins a second term.  I think that there are a lot of plans that he is waiting to implement only if he wins a second term.  Admitting that he will have to raise taxes on nearly everyone is something he won’t do until he’s got his lame duck status.