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Thursday, August 12, 2004
Rich People Have Accountants Picking up where Kevin Drum left off... Seniors would sure be pissed off about this. And who can blame them? All their lives their income was reduced by the amount of income tax they paid, and now that they're retired this reduced amount of money is suddenly subject to a brand new sales tax. Talk about your double taxation! ...it applies to everyone with money, not just seniors. The rich are going to take a historical view of their money, even if they didn't earn it themselves. The very idea of double taxation makes their blood boil. Many of them remember every tax as if it were a public slap in the face. Every $1 million in the bank (stocks, bonds, houses, etc.) will effectively turn into $700,000. I don't see the rich going for it, somehow. In the medium term, it might just wind up being a partially Good Thing: ultimately it amounts to a universal 30% estate tax. 
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