The LRC Blog
December 30, 2012
According to the editors of the New York Times, the way to “fix” our economy is for the State to take even more of our earnings. Of course, they refer to shoving higher taxes at us as “reform,” a watchword for all Progressives who believe that “reform” comes only via expansion of the police powers of the State.
What is needed? Why, raising capital gains rates, income tax rates (for people in the highest brackets), carbon taxes, a value-added tax, inheritance taxes, and, of course, higher business taxes. The editors assure us that “tax reform, done right, could be a cure for much of what ails the economy.” The NYT declares:
Higher taxes, raised progressively, could encourage growth by helping to pay for long-neglected public investment in education, infrastructure and basic research. More revenue would also reduce budget deficits, helping to put the nation’s finances on a stable path. Greater progressivity would reduce rising income inequality, and with it, inequality of opportunity that is both an economic and social scourge.
So, there you have it. Progressive “wisdom” from Mid-Town Manhattan. Such actions, they assure us, will define President Obama’s “economic legacy.” Indeed, the man already has a legacy: depression. I guess that the NYT editors just don’t believe the current downturn is bad enough.
This article was posted: Sunday, December 30, 2012 at 7:23 am