Other people’s money is very powerful thing; it can be stolen by government, wasted, and a small fraction spent on making a problem worse. Unions can extort if from companies until there are layoffs, or entire industries are relocated or regions suffer (rust belt, anyone?). Most Americans have no problem spending other people’s money. But, there is a strange phenomena to report. When other people’s money turns into MY money, the tune changes, and fast! Peter Schiff, a big time investor, staged a mock protest; asking people if they are willing to have their money become other people’s money, and […]
Other People’s Money
My Money vs. Other People’s Money: Consumers Say’No’ to Raises for Wal Mart Staff, Once They Find Out They Have to Pay for it!
Imagine the situation in which California finds itself. Out of all the income taxes collected by that state, 50% of it is paid by by only 144,000 people. Far less than one percent of the population. Doug Ross has more on the issue… California residents already contend with one of the most progressive tax codes in the country. Not only does California have high marginal rates, those high rates kick in at relatively modest income levels. California’s middle class residents earning $48,000 a year, for example, pay a state tax rate of 9.3%. Millionaires in 47 other states don’t even pay that […]