Monday, December 19, 2011

Deep-thinking economists at the NY Times

In the latest installment of carrying water for the Obama administration, some way-smart perfessers pick up the flag of class warfare and propose the "Brandeis rule."  Hold on to your socks for this stellar idea:
Enough is enough. Congress should reform our tax law to put the brakes on further inequality. Specifically, we propose an automatic extra tax on the income of the top 1 percent of earners — a tax that would limit the after-tax incomes of this club to 36 times the median household income.
Interesting that the Times disabled comments for this online article (at least for the non-subscribing 99%) since the fallacy of such a proposal invites instant ridicule.  I suppose the Tiger Woods could retire for the year after winning a single golf tournament.  Brad Pitt could make half-a-movie.

Oh, we're talking about the income of evil corporate overlords, right?  Well, according to Wikipedia Bill Gates earned an annual salary in 2006 of $617,000 and then he got a $350,000 bonus, for almost a million a year.  Gates's fortune is all from Microsoft stock and therein is the failure of taxing the income of the "rich": they'll just get compensation though other means.  The "rich" who won't be able to pay themselves in stock options are the small businessmen who we're praying will start hiring again.

Great idea, jokers.

Extra - Maggie's Farm: "Lobotomize the rich!"

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