My latest Examiner column.
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.
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.