The Democrats plan to solve the problem of the Alternative Minimum Tax (it hurts the rich in Democratic states) with a tax surcharge on the rich nationwide. Share the suffering.
And now they want to raise taxes on the private equity guys, according to Larry Kudlow. Well, they are just making too much money.
Do they know what they are doing, he wonders?
Ironically, all this is happening while low-tax Reaganomics is spreading worldwide. Hence, this would be the exact wrong moment for U.S. politicians to raise taxes and impair American economic competitiveness.
One fine day, the Democrats will realize that they have to harmonize US tax rates with the rest of the world, indeed that it wouldn’t hurt to have tax rates lower than the rest of the world.
But it looks like they will have to learn the hard way.
But don’t worry. The Democratic suits won’t suffer. They will get theirs. It’s you and I that will have to pay the price of their tax-raising follies.
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