Thursday, April 15, 2010

Tax Day Thoughts...

A great article from NPR below this post.  In addition to what they've stated, there's another reason why soaking the "rich" (I use the term loosely) is a dangerous federal strategy: the government doesn't seem to comprehend 21st-century behavior of the Laffer curve.  Many of us are exquisitely positioned to turn our own incomes on a dime (pun intended).  I've already voluntarily reduced my own revenues because I felt I was paying too much in taxes (I also pay self-employment tax, so my total is more severe than for a conventional salaried worker). Increasingly, today is not like the before-time, when everyone was basically tied to a one-employer scenario and didn't have at-will income control.  If they jack the upper brackets too high, they may get a stunningly-swift surprise in terms of lower (not higher) tax revenues and the reduced economic activity that they would reflect.

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