How many studies must be done, and how many times does this need to get emphasized? Taxing the rich seems to be the Democrats’ solution to all of our problems. However, it seems in every instance, when this happens – there is less investment, less money spent in the economy, and it trickles across all socioeconomic classes.
This study on Connecticut comes from Illinois Policy, as they are trying to persuade lawmakers that imposing higher taxes on the rich is a bad idea. As the study points out, taxing the rich causes job loss, hiring stagnation, and the loss of billions in tax revenue.
Illinois Policy has a new rub on this – high taxes on the rich leads to taxing the middle class. Specifically:
The typical Connecticut household has seen its income tax rates increase more than 13 percent since 1999. At the same time, property tax burdens (property taxes as a share of income) have risen by more than 35 percent.
Illinois Policy, “How Connecticut’s ‘Tax on the rich’ Ended in Middle-class Tax Hikes, Lost Jobs and More Poverty”
Connecticut is an example on a micro level to compare this on a national level. Imagine what this would do to our current economic expansion if Bernie Sanders or Elizabeth Warren is our next President with a Democrat-controlled Congress.
Yes, you should be very afraid.
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