Right Thinking From The Left Coast
Chance favors the prepared mind - Louis Pasteur

Monday, October 11, 2010

ECON 101 - taxes and their impact.

N. Gregory Mankiw, a professor of economics at Harvard, and once upon a time adviser to President George W. Bush, has the best explanation of the impact of taxation on those evil rich people I have ever seen in his NYT Economy section article titled I Can Afford Higher Taxes. But They’ll Make Me Work Less. This was plain genius. He starts off with a simple admission:

First, I have to acknowledge that the Democrats are right about one thing: I can afford to pay more in taxes. My income is not in the same league as superstar actors and hedge fund managers, but I have been very lucky nonetheless. Unlike many other Americans, I don’t have trouble making ends meet.

Indeed, I could go so far as to say I am almost completely sated. One reason is that I don’t aspire for much more than a typical upper-middle-class lifestyle. I don’t fly around on a private jet. I have little desire to own a yacht or a Ferrari. I own only one home, in which I have lived since 1987. Paying an extra few percent in taxes wouldn’t create a lot of hardship.

Posted by AlexinCT on 10/11/10 at 06:23 AM in Elections   Election 2010   Left Wing Idiocy   Politics   Law, & Economics  • (0) TrackbacksPermalink
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