Belmont Club

By Richard Fernandez

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Cassandra

October 31, 2008 - 5:29 pm - by Richard Fernandez
HK_Vol
2008-11-01 01:03:22

I’m guessing Obama wins and the changes passed by Congress and signed by Congress will be onerous and confiscatory on those that are the most productive.

Rather than “blood on the streets,” those that provide capital to markets will slowly and surely pull a “John Galt” and withdraw from the system.
Whether by simply buying tax-free munis and paying little or no taxes, or by working less and less hard to spend more time with family, by leaving the US, or by some other means (expanded black market and bartering anyone?), transferring your wealth to your non-US spouse (if you have one), the left will see a shocking drop in tax revenue and their solution will be to simply raise taxes higher…..because it’s the patriotic thing to do!!