The Left just doesn’t see it. When you drive out the rich by over taxing them you lose those who are paying the highest percentage of taxes. When they go, everybody that’s left has to pay higher taxes to compensate for their loss.
Which is what Obama is doing to our economy. When you over tax corporations they leave the country for another society that will treat them fairer. Those that are left have to pay more taxes to compensate for their loss.
Just how stupid have the voters of Massachusetts become?
That’s the question being asked in a new two-year statewide clinical experiment now underway at the State House. The hackerama wants to find out what will happen if they ask taxpayers to vote for income-tax hikes — but only on “millionaires,” wink wink, nudge nudge.
It’s a grift that can only end one way, with everyone paying through the roof. The endgame is so obvious that in five previous attempts the non-working classes have tried to foist the “grad tax” on taxpayers, they’ve been crushed — never by less than 64 percent of the votes.
But the hacks haven’t gone to the well since 1994, and of late the wisdom of the electorate has been in a tailspin — Obama, Patrick, Warren, Markey, Frank, etc., etc.
“Is it finally time?” the tax-fattened hyenas ask one another, “Have we dumbed them … just enough?” At least one poll indicates that if the hacks give the voters the blade in 2018, they’ll gladly slit their own throats.
Right now the state constitution mandates a flat income tax rate — everyone pays at the same rate, just over 5 percent. The indolent have long dreamed of a “progressive rate,” making people with more income pay their “fair share.” So now they promote a “surcharge” on so-called millionaires — 4 percent on incomes of over $1 million per year.
To change the state’s constitution, they need to prevail on the ballot in 2018. They took the first step last week, winning a vote in a joint session of the legislature, 135-57, to put this latest bait-and-switch before the voters.
Not only do the hacks claim that they’ll “only” hit millionaires, they also say the money will be “earmarked” for education and transportation. Yeah, right. The attempt itself may even be unconstitutional. But who cares, right?
The bigger problem is, soaking the rich never works. Look at New Jersey. The hacks in Trenton have been trying to jack up the top marginal rate from 8.97 percent to 10.75 percent.
C’mon down, David Tepper, a 58-year-old money manager worth $10.6 billion. Last October, he legally shifted his residence from New Jersey to Miami Beach. Florida’s income tax rate is … zero!
Then there was Maryland. They jacked up their top marginal rate and 31,000 “millionaires” instantly vanished.
The same thing will happen here. The state will quickly realize that the supply of “millionaires” has failed. In order to deal with the “shortfall,” the millionaire tax will have to be adjusted downward — temporarily, of course — so that everyone making more than, say, $30,000 a year will be now designated for tax purposes as a millionaire. Look on the bright side though, it’s for the children.
The debate in the Legislature last week broke along the usual lines. These aren’t higher taxes, they’re “investments in the future.” “Disparities” must be addressed. Transportation is “underfunded,” even though Republicans pointed out that we already spend four times what New Hampshire does to maintain our state highways — $685,000 per mile, compared to $145,000 in the Granite State.
Obviously these Republicans have no compassion for the greedy — er, I mean the needy.
The problem for the welfare-industrial complex is that no one believes anything they say. In 2000, the voters approved cutting the state income tax back to 5 percent in a 60-40 landslide — and the rate remains above 5 percent.
Rep. Jay Kaufman (D-Lexington) took umbrage to Republicans’ pointing out that fact, saying, “We will be at 5 percent as the voters have asked within two years.”
In other words, by Fiscal 2019. The Legislature will have given the voters what they demanded … in 2000 … and they’re bragging about it.
“Following the will of the people,” asked Rep. Jim Lyons (R-Andover), “is waiting 18 years to reduce the rate to what they voted 18 years ago?”
And that’s just one of their lies. How about Bill Clinton’s promised middle-class tax cut in 1992? Or Deval Patrick’s statewide property-tax cut in 2006? Obama’s promise in 2009 of $2,500 annual savings on health insurance under Obamacare? How about the tollbooths on the Mass Pike? They were supposed to be torn down after the bonds sold to build I-90 were finally paid off — in 1988.
Right? Right? Right? Right?
On the other hand, the voters were smart enough to vote down the automatic gas-tax increase in 2014, despite the fact that the hacks outspent the working people 30-1. And Boston 2024, another raid on the wallets of working people, went down in flames just last year.
Can working people dodge another bullet? I hope so, but I’m also relieved I already own property in Florida.