Napoleon Bonaparte said, "In politics, stupidity is not a handicap." D.C. and Sacramento repeatedly confirm that. How about the notion that elite politicians are so powerful and influential as to be able shape and mold society in their image merely by passing laws? Forget history's ample demonstration that the laws of nature can be violated but never repealed. The law of supply and demand will always trump any man- made regulation and people will always respond to incentives as they, not politicians, perceive them.
Proposition 30 and President Barack Obama's fixation on tax hikes are certain not to result in any appreciable additional tax revenue. Combine federal and state income taxes, Social Security and Medicare taxes, property tax, sales tax, vehicle registration and a host of excise taxes, and the average working Californian is in the marginal 40 percent tax bracket and a high-income earner in the 60 percent bracket. That's high enough to affect our behavior. We will respond by working less, rearranging our finances and perhaps even moving to the scenic paradise of Nevada because it has no state income tax.
Yep, stupidity is in full bloom. A truckload of screw-ups and unintended consequences is coming our way.
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