Columnist Michael Barone provides us with a nice summation of the folly of the new left-wing mantra about “income inequality.” Barone notes a fascinating “D’oh” moment for the progressives who argue for this kind of massive redistribution of wealth. New Leftist Mayor of New York Bill de Blasio wants to lead the “it’s not fair” movement by raising taxes on people making more than $500K.
It’s interesting that New York, which has had more liberal and redistributionist public policies than almost anywhere else in the nation over those 68 years, also has one of the nation’s highest rates of income inequality.
High tax rates and high housing costs (exacerbated for many years by rent control) have squeezed middle-class families out of New York. They have migrated in the millions to lower-tax, lower-housing-cost places like Florida and Texas.
Since punishing the productive is what this is all about, I wonder what de Blasio’s punishment will be for those who leave New York in droves. Perhaps we can look forward to an “it’s not fair you’re leaving” tax.
