We didn’t know whether to laugh or cry when we read the Washington Poststory yesterday that many blue state governors and state legislators are consulting with leftwing Berkeley economics professor Emmanuel Saez for advice about how to soak the rich. Saez is a discredited professor who says that tax rates can go to 70 or 80 percent without a negative economic effect. He’s been sleepwalking through the last 40 years.
But progressive Democrats take him seriously and here are just a few of the dingbat ideas that have been introduced in blue states all with, as the Washington Post puts it “raising taxes on the rich.”
The Post also notes this is a “coordinated effort” in state capitals.
- California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington will introduce Elizabeth Warren-style wealth taxes where citizens get whacked year after year on their lifetime savings.
- Illinois, Connecticut, Hawaii, Maryland, and New York are considering raising their capital gains tax or – worse – taxing unrealized capital gains.
- Connecticut, Maryland, and Washington want higher income or payroll tax rates.
What is even more devious is that a number of states want these wealth taxes to apply to the wealth of former residents that have already moved out of the state.
Our advice to readers: if you still live in one of these states get out while the gittin’ is good.