Sub-title: The rich should pay!
The evil Mish Shedlock has an absurd post objecting to the initiatives that are about to be voted on in California. He some how thinks that this situation is NOT alright:
In Move is up to California voters the LA Times reported "An average family of four with an annual income of $75,000 would pay about $963 more a year in taxes, according to a legislative analysis."Why can't a family of 4 afford that? Why can't they afford double that? I'm happy to pay that much. In fact, I recently had $1000 in cash that I was going to put into my kids college fund but instead decided to buy carbon credits because my carbon footprint was getting too big.
I propose that we tax anyone above $30,000 a year at a rate of 70% like during the Carter years. Carter proved that a country can be successful in that situation. Well of course Reagan took all the credit but Carter paved the way.
Comrades rise up! Those who make more than $30,000 a year are here to provide funding for the state and it's progressive machine. This sort of taxation has been proven successful time and time again.