Driving Out the Successful

Fred Dooley is looking at the consequences of tax hikes over at the Maciver Institute.

There is a decidedly different approach being taken by the Institute for Wisconsin’s Future.  They are calling for a moratorium on all tax breaks.

In fact, the IWF is calling for Capital Gains to be raised to 100%.

Yes, you read that right, these big government fans think that if anyone actually manages to earn a profit on their investment that government should take all of it.

They aren’t done though, they also want the death tax brought back, the state sales tax raised by 1% and to remove exemptions from everything currently left off of that tax; including your funeral.

The IWF is also asking for the top income tax bracket in Wisconsin to be raised by 2% to a total of 8.75%. 

Perhaps the IWF should look to Maryland.  Maryland recently took the same soak the rich attitude increasing their top income tax bracket to 6.5% (Still lower than Wisconsin’s current top rate).

Well, people have options, and in Maryland they are picking up and moving to Pennsylvania and Virginia where tax climates are more favorable.  Projections had this tax increase bringing in an additional $330 million, instead Maryland is now facing a $130 million shortfall.