8/12/09

States Finances

I am really concerned about the general attitiude that overrtaxing the wealthy is a part of the solution to solving our States' financial problems. It really is a misguided notion. Wealthy people, to a large extent, are the people creating jobs, paying large dollars in taxes, and contributing heavily to philanthropic activities. The worst possible thing that could happen here would be to continue to run them out the State.
The statistics are staggering. Something like 2% of the tax base(population,) picks up 47% of the tax burden. What is going to happen as more and more of that 2% leave??
Read the attached editorial. It is spot on, in my opinion.
Let's hear your thoughts on the matter.

2 comments:

  1. Taxing the wealthy is an easy out for short- term gain but long-term loss. We need to help foster wealth creation in RI. By doing so, we will create additional jobs and spur economic development. Taxing the wealthy to balance the budget or prop up special interests is not the way to go.

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  2. The more you tax the wealthy the higher the unemployment rate seems to go. It would be interesting to see which states have the highest taxes and compare it to its unemployment rate. I know RI is high on both lists.Maybe Ri needs to rethink its approach to high taxes.

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