“A key principle here is that the overall marginal tax rate matters. There is a tendency, especially on the left, to quote only the top Federal marginal rate of about 40%, and to say therefore that high income Americans pays less taxes than most of Europe. But that argument forgets we also pay state and sometimes local taxes.”
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Kevin Williamson follows in the footsteps of Henry Hazlitt in his clarity of economic and political issues. Like Hazlitt he is not a professionally trained economist, but brings a writer’s clarity to the subject. I have probably excerpted him more
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Will California Ever Thrive Again?– Victor Davis Hanson in National Review Excerpts: One in three American welfare recipients resides in California. Almost a quarter of the state population lives below or near the poverty line. Yet the state’s gas and
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The Golden State is now home to 111 billionaires, by far the most of any state. In total, California billionaires personally hold assets worth $485 billion, more than the entire GDP of all but 24 countries in the world. At
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From the Wall Street Journal Opinion section, Allysia Finley writes The Reverse- Joads of California, 3/3/13. Excerpts: As it happens, most of California’s outward-bound migrants are low- to middle-income, with relatively little education: those typically employed in agriculture, construction, manufacturing,
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We long ago passed the bar of a strong socialist element in our government. When we have a strong growing economy it becomes hard to say no to the less fortunate without feeling greedy or selfish. But financial setbacks cause
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One of the benefits of a federalist system is the opportunity of states to experiment with policies (such as health care) and observe the outcome. It also gives us a chance to see what does not work. Victor Davis Hanson
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