Wednesday, December 22, 2010

Tax Cap Gun to Our Heads

Cuomo's proposed tax cap solves nothing, says the NYT in a smart editorial today.

If you think, as I do, that the problem most likely to hobble the US is the increasing disparity between rich and poor, you cannot love the tax cap, especially when it can be overridden by the voters. Rich districts will override; poor districts will sit at 2 percent no matter what. And 2 percent of an already insufficient amount is smaller than 2 or 3 or 5 percent of a really big amount, so the rich will get richer, and the poor will do what they always do (including producing high school graduates who can't even pass the Army entrance exam).

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