Joe Doakes from Como Park emails:
As our “leaders” debate how to solve the fiscal cliff, the President seems intent on making sure the rich pay most of it.
Let me just note some of the “tax the rich” schemes that already have been tried and found to be failures at best, counterproductive at worst: Window tax,Brick tax, Wallpaper tax,Hearth tax, and Yacht tax.
Look, here’s the deal: rich people are rich, they’re not stupid. Jack tax rates too high and they’ll simply move and take their money with them.
In every one of these schemes, the rich altered their behavior to avoid the taxes, the poor didn’t pay taxes anyway, so the burden fell squarely on the middle class – too “rich” to be exempt, too poor to escape.
President Obama is a Harvard scholar. His advisors are the smartest in the world. He cannot be unaware of history. Why is he intent on repeating it?
Why are Republicans even thinking about letting him repeat it?
Because some GOP leaders are under the impression that you get points for losing gracefully.