John Galt lives, part 1
From Cafe Hayek:
I own my business and, unlike an employee, I have the option to work as much or as little as I like. At some tax rate, the marginal dollar won't be worth earning. I'll fire some employees, scale down the business or retire altogether and stick my money in tax advantaged muni bonds and do all the traveling and relaxing I can't do now. . . . If I'm not ready to retire and the tax rate gets too high, I may just immigrate to another country because it's very easy for me to get almost instant citizenship in any other country. I respond to incentives and I'm not incentivized by enslavement and neither is anyone I know.
The "Obamination Rules" emerge:
1. Strive for "comfortable" not rich.
2. Keep your nose clean and blend into the woodwork.
3. Register Democrat; vote Republican.
Posted by: TheBigHenry | February 27, 2009 at 12:08 PM
If this trend continues, we are looking at government closing in on the ownership of 50% of our nations GDP.
Capialism is dangerously at stake!
And once over half our citizens are on either the government payroll or a government dependant, what's the incentive to be a small business owner? Why work hard? Why bother with the "risky" private sector anymore? Just join a government-backed union, vote for incumbants like Barney Frank, Dodd, Pelosi, et al...and live happily ever after!
*sigh* It's so comforting to not have to worry about people getting "rich" anymore. *sigh*
Posted by: Fulkon | February 27, 2009 at 01:18 PM
Krugman finally admits it..Obama will tax middle class. See NY Times article...
Notice to liberals: We'll practice trickle down economics and you can give trickle up poverty your best shot.
Posted by: jorod | February 27, 2009 at 04:25 PM
In line with what Fulkon says, I recently read an old Margaret Thatcher quote that said the problem with socialism is that you eventually run out of other people's money to appropriate.
Posted by: whosonfirst | February 28, 2009 at 07:27 AM