Wednesday, October 22, 2008

After-election tax increases back in the news

A national poll of Wal-Mart shoppers shows widespread financial concern that is impacting the timing of food purchases. Meanwhile, Gov. Arnold Schwarzenegger is calling the California legislature back into special session next month to raise taxes.

Gov. Steve Beshear has allowed speculation to simmer that he is going to do the same thing. How hard do we have to work to convince the average Kentuckian that now is exactly the wrong time to be slapping the taxpayer?

1 comment:

Hempy said...

It would be far better to change the tax system to a proportional tax system and eliminate income and sale taxes entirely.

By taxing the movement of money more revenue could be raised at much lower rates. In Federalist Paper 12, Alexander Hamilton wrote:

"The ability of a country to pay taxes must always be proportioned, in a great degree, to the quantity of money in circulation, and to the celerity with which it circulates. Commerce, contributing to both these objects, must of necessity render the payment of taxes easier, and facilitate the requisite supplies to the treasury."