Wow. The Boston Globe, deep in the heart of leftville. THEY are looking at things an starting to wonder??
High taxes can have unwelcome, and unintended, consequences.
Governments delude themselves when they imagine they can easily raise all the money they want by soaking the rich. The rich always have other options. When taxes grow too onerous, high earners can adjust their economic behavior. Some move to Spain to play soccer for La Liga. Others, less glamorously, cut back on their investments, forgo new business opportunities, seek out tax havens, or work fewer hours. The impact is felt not only in lower-than-expected tax revenues, but in lower rates of growth and productivity and job creation. Jobs are disproportionately created by those who have money to invest. “You can’t have employment and despise employers,’’ Massachusetts Senator Paul Tsongas used to say. “No goose, no golden eggs.’’
Holy Moly Batman! You think? Folks with more money, more skills, etc have more options? Tell me it isn't so! I thought they were stationary money cows that could be miked at will. Perhaps the Globe needs to bulk up on some frothy BO rhetoric:
“While middle-class families have been playing by the rules, living up to their responsibilities as neighbors and citizens, those at the commanding heights of our economy have not,’’ charges Obama’s 2010 budget. “There’s nothing wrong with making money, but there is something wrong when we allow the playing field to be tilted so far in the favor of so few.’’ Accordingly it vows “to restore a basic sense of fairness to the tax code’’ and to ensure “that the wealthiest pay more.’’
There you go, how can you argue with that? Well, if one was reality based (not that we will be accusing the BO administration of any of that), one might look at the following:
By any reasonable standard the rich pay far more than their fair share. According to the latest (2007) IRS data, the top 1 percent of US taxpayers earn 22.8 percent of adjusted gross income but pay 40.4 percent of all federal income taxes. By contrast, the bottom 95 percent of taxpayers, who earn 62.5 percent of the income, pay just 39.4 percent of the income tax burden. That bears repeating: The income tax burden of the top 1 percent, who comprise just 1.4 million taxpayers, now exceeds that of the bottom 134 million combined.One doesn't have to think very long to realize why the BO Administration and the MSM tend to be very fact averse. They are such "stubborn things". You go to all the work of devising a brilliant class warfare strategy, and much like your Afghanistan strategy, the rich just don't cooperate. Go figure. Why don't your targets ever sit still?
