Monday, March 02, 2009

Tax the Rich?

Just as a matter of practicality, not raising taxes for someone making under $250,000 isn't really fair. In the places I am willing to live, that kind of money makes for an amazing lifestyle. In parts of California, New York, and Massachusetts, $250,000 is as bad as living below the poverty line. Cost of living determines everything.

Those who are rich as Obama defines it will flee states with high taxes. California, the state we are all supposed to emulate because of its progressive environmental standards and high government regulations, leads the nation in tax paying households leaving for other states. Same thing for Europe. I look at their economy for the past decade and can't understand why we want to copy them.

I have lost half of my IRA. Luckily I was in school and haven't put much in yet, but that is staggering. I have met people who have had to un-retire because they don't have enough savings anymore. And yet, with all this need out there, Obama only cares to advance his agenda - the same things he would have done if the economy were rip-roaring.

The thing about this recession is that it has people clamoring for something to be done. And something should be done, but this bailout stuff is the opposite of help.

1 comment:

Brian said...

I joined a facebook group the other day that was advocating for the stimulus package to pay off everyone's student loan debts, instead of going for most of the other things in the bill. The idea was that this would free up a lot of spending money to a group that has clearly worked hard to improve their lives, instead of benefiting people who just want a handout.

I joined because I thought the group was kind of a mild joke, but the more I think about it, the more I wonder if there isn't some merit to the concept. Curious as to your thoughts.