Thursday, September 24, 2009

NY Gov: Taxing the rich more was a big mistake

Of course this statement by the Governor will simply enrage the authoritarians on the left and they will call for limiting migration or forcefully confiscating wealth. For them Freedom is always trumped by so-called "economic justice" but with the understanding that THEY will say what is just.

"You heard the mantra, 'Tax the rich, tax the rich,"' Paterson said Wednesday at a gathering of newspaper editors at an Associated Press event in Syracuse. "We've done that. We've probably lost jobs and driven people out of the state."

"People aren't wedded to a geographic place as they once were. It's a different world," New York Lt. Gov. Richard Ravitch said.

Ravitch said last year's surcharge on income taxes for the next three years won't likely meet budget expectations. He said Albany must look to politically difficult spending cuts, rather than more taxes, to meet a deepening shortfall that Paterson estimated Wednesday could reach $3 billion.

"I don't think they have any choice," Ravitch said. "In my personal opinion, we're at the outer limits of the elasticity of our tax system."