Fred Hiatt has outdone himself this morning. He’s assembled a panel of “experts” to whine about Obama “bleeding the rich” and the first one to weigh in is Jim Cramer:
As someone who can expect a real shock when I get an Obama-shredded paycheck the moment his plus-$250,000 tax levy kicks in, I can’t be thrilled. Only the brain-dead like to take a pay cut for doing the same job. I probably won’t get paid for my work until July, with my current salary going to fund an immense expansion of the federal budget ordered by the man I voted for.
If there’s one person I’d like to see go Galt it’s Jim Cramer.
President Obama’s proposal to raise taxes at the top to further cut taxes at the bottom has one rationale: using the coercive power of the state to “spread the wealth around.” In addition to the obvious disincentive effects, the policy raises deep philosophical questions. If one citizen of a nation can lay claim to the wealth of his more productive neighbor, shouldn’t poor nations have the right to lay claim to the resources of richer nations such as the United States?
Because a 35% top tax rate is a Randian paradise but 39% is a philosophical problem.