Dem plan pushes top tax rate to almost 60 percent

FEE's Brad Polumbo writes, "That’s right: High-earning residents of these states could end up paying nearly 60 percent tax rates on their income earned above a certain level. That’s an obscene and fundamentally unfair level of taxation. But such punitive levels of taxation are also highly impractical and certain to have adverse economic consequences…

Imagine spending 60 cents of every dollar you earn to fund governments who spend most of their resources in ways that are, at best, wasteful (much of it is outright destructive). https://t.co/1lvHYhIqi0

— Jon Miltimore (@miltimore79) September 16, 2021

We’ve already seen an exodus of wealth, people, and major businesses from states like California, and that trend will only accelerate if taxes are sent even higher by this new plan. It’s only logical: states that heavily tax something are discouraging it, while states that don’t tax it at all are welcoming it. Why would anyone want to discourage income-earning?"

Read the entire column.