Tuesday, June 23, 2009

Breaking Ranks

A WSJ editorial today congratulates Maine (Maine?) for lowering its top income tax rate by 2%. Quoting Maine's Democratic governor John Baldacci, "We hope these lower tax rates will encourage and reward work, and that the lower capital gains tax [of 6.85%] brings more investment into the state."

I'm confused. Hasn't President Obama taught us that "making work pay", which involves taking money from the "wealthy" and redistributing it to the "less wealthy", is the way to grow the economy? Mr. Baldacci says that letting the wealthy keep more of their money "rewards work". Didn't he get the word from the front office? Maybe he did and (along with his Democratic colleagues in the state legislature) ignored it, his state having experienced the debilitating effect of confiscatory tax policies.

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