10 States Looking to Close Budget Gap by Raising Taxes (Income & Sales): How ‘Bout Cutting Spending Instead?

Nothing like trying to get blood from a stone.

At least 10 states are considering raising income taxes to close budget deficits.

Here’s a thought: try cutting them. Honestly.

This is why we shouldn’t be guaranteeing government employees a 10%/yr return in their retirement investment accounts (like they do in NJ – That is regardless of performance – so if the fund actually loses 20%, the tax payers must make up 30% in each account).

What geniuses come up with these budgets? In NJ we are supposed to have some sort of Wall St. wizard as Governor. But unlike Mayor Bloomberg, who actually is a Wall St guru telling the people of the city cuts need to be made, we’ve got a Goldman tax and spend liberal telling everyone else they make too much money.

Soon the well is going to be dry – or everyone is moving to Palm Beach.

WSJ Article

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