PJ Media

"Going Galt" continues...

Tom Blumer at PJM: a href=”http://pjmedia.com/blog/tax-receipts-plummet-as-americans-go-galt/”Tax receipts plummet as Americans “go Galt:” /abr /br /blockquoteBut then in mid to late June, along came the POR (Pelosi-Obama-Reid) economy. The Democratic triumvirate’s intent to starve the nation of energy, regardless of the consequences, and newly minted presidential nominee Barack Obama’s designs on punitively taxing 5% of the nation’s most productive in the name of redistributing money to everyone else, both became crystal clear. As a result, paraphrasing what I wrote at the time, businesses, investors, and entrepreneurs responded to the trio’s total lack of seriousness by battening down the hatches and preparing for the worst./blockquotebr /br /Yes, lower tax receipts might be a result of the economy but they are just as much psychological. No one knows what to expect from emthis /emadministration. Why invest and risk growing a buisiness if much of it might be taxed or regulated away?