On ABC’s “This Week” program (Sunday, Jan. 5), Sen. Charles Schumer was asked whether he would support increased taxes on wealthy New Yorkers as proposed by New York City’s recently elected Mayor Bill de Blasio. He replied, “I supported an increase in taxes at the federal level from 35 percent to 39 percent. It’s a more difficult issue at the state level because people can leave to go Connecticut or New Jersey or somewhere else.”
This kind of thinking has led to a money drain out of this country and to foreign tax shelters which even billionaires such as Warren Buffett, who say they really want to pay more taxes, participate in.
Second, the imposition of increased federal taxes on just the wealthy would lead to a flight of money out of this country as was evidenced in France upon the election of its very leftist president.
Similarly, a blanket increase in the federal minimum wage would simply impose another one-size-fits- all Band-Aid (Obamacare, anyone?), which would only increase unemployment among the most highly unemployed segment (18- to 26-year-olds).
The real solution is to increase jobs (build the Keystone XL pipeline, drill for more oil and gas, stop killing coal, reduce regulations and taxes) and thereby raise wages according to the laws of supply and demand, i.e., when more jobs are available, employers will have to pay more to keep employees.
More federal mandates from Washington are simply over the top.