California and Obama each plan to pay for some pricey stuff by taxing the wealthy. I can't really object on principle, since I figure the rich are undertaxed, especially the very rich, but I think this is a course that's not a stable economic strategy. The fact is, that the level of services we are getting requires that we all pay more, and we really ought to acclimate to that.
Also, the rich, and especially the really rich, are a lot more mobile than the rest of us. Make taxes too high and they go somewhere else.
The Expanding Politics of Denial
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