Wednesday, March 16, 2011

Who wants to "soak the rich"?

Here is a great article that addresses the question: If most people are not rich, why don't most people support high taxes on the rich?

From Center of the American Experiment:
"Who, exactly, aspires to soak the rich?" by Katherine Kersten
http://us1.campaign-archive2.com/?u=4dfbda3b6fdf050b39f73d09a&id=00fe127fce&e=99e9ee7ed6

Kersten makes a number of great points in this article. Chief among them are:

We, as a people, recognize the possibility that anyone in this country can become rich and we don't begrudge those who work hard and take risks to get there.

An income tax doesn't really tax "the rich." Political elites are disingenuous in suggesting that it does.

I couldn't believe the number when I read it. Is Mark Dayton, who never worked a day in his life for his millions (remember where Target came from? Recognize one of the names of the company before it became Target?) really proposing to hike the top marginal rate in Minnesota to 10.95%?! That is an amazingly high number for a state income tax rate. No wonder companies and people keep leaving.

Kersten's conclusions is spot on:
"Dayton assures us his new top marginal rate won't touch 94.5 percent of Minnesotans. In fact, he threatens an important -- and uniquely American -- component of their happiness."

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