Sunday, March 27, 2011

Yes Higher Taxes Solve Everything

Stupid me. I did not realize that higher taxes solve every problem on a state level. Just when I thought I knew a great deal about economics by studying and teaching it for the past 37 years, I never realized that politicians are right when they state that higher taxes solve everything. It is kind of like when Lowell Weicker stated that the new founded State Income Tax would solve all of Connecticut's fiscal problems. So twenty years later we have a budget deficit of $3.6 billion dollars and state spending has doubled over that same twenty years period. Just as a side, the state population continues to fall. Thus twenty years later the state now spends 100% more on less citizens and still is in the hole by $3.6 billion dollars. And here is another fact that the Connecticut Democratic Super Majority does not want you to know: 49.3% of all state revenue is made up by the state income tax (only ranked #2 in the country) and 40% of all income tax receipts are paid for by the top 1% of the income earners (those making $500,001 and more). And I see that the Connecticut Democratic Super Majority wants to increase that figure even more to solve all of their fiscal worries and continue to spend wastefully and foolishly as they have done for the past twenty years.
What economic illiteracy. Continue to tax the supposed rich even more so that more will move out of state and the burden will fall on the remaining overtaxed citizens of the state. Rather than cutting spending once and for all and lowering taxes, the Connecticut Democratic Super Majority wants that Number 1 ranking in taxes in the country.
Taxpayers can shout with glee, "We're #1, we're #1". And will not be for basketball any more-get use to those empty basketball game seats, taxpayers can no longer afford the games, only higher taxes as the Connecticut Democratic Super Majority wants us to have. How ignorant of me, higher taxes solve everything in Connecticut. But one day coming quickly taxpayers will say no to this economic madness.

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