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.