Eat The Rich

An old chestnut of economic idiocy is being revived by the liberal fascists now that they are in power again. From Joel Hirschorn:

"Here is the solution that the overwhelming majority of Americans should demand: A law should be immediately passed that imposes a new special federal income tax of 99 percent on all income in excess of $500,000 annually for single taxpayers and $1 million for couples, starting for 2008 income. Call it a greed tax. Call it justice. Call it getting even for too many years of uncontrolled greed that has given the nation nothing but economic injustice and inequality, and given capitalism a very bad name. Call it a sensible way to raise federal revenues to help offset the cancerous national debt."

I've heard this proposal in various forms countless times over the years and it's always couched as means of "justice" and revenge as it is now. Never do proponents of this idea ever ask "Then what?

Missouri Sen. Claire McCaskill (D) has also jumped on the bandwagon with a bill that would limit executive pay to $400,000 per year for companies receiving bailout money.

The fact that these proposals have almost zero chance of becoming law is beside the point. It is illustrative of the immaturity, short sightedness and simpleminded thinking of the left.

What will these geniuses do when these people decide to work and invest overseas and take their talents and money with them? High taxes and heavy handed regulation is already causing people and businesses to flee California, Michigan, New York and other socialist utopias. Billions of corporate profits are already in exile overseas to avoid one of the highest federal business tax structures in the world.

The left never thinks of these things because their ideas are so high minded that to them, pointing out reality is just divisive and proof of greedy counterrevolutionary thinking.