The following was found on NewGeorgraphy.Com and has, appeared in Forbes Magazine:
With their enthusiastic backing of President Obama and the Democratic Party on Election Day, the bluest parts of America may have embraced a program utterly at odds with their economic self-interest. The almost uniform support of blue states’ congressional representatives for the administration’s campaign for tax “fairness” represents a kind of bizarre economic suicide pact.
The author goes on to explain what he means, and cites the following example:
Of course, one can argue that these changes follow the precepts of social justice: Rich people and rich regions should pay more. Yet being “rich” means different things in different places, due to vast differences in costs of living. The cost of living in New York and Los Angeles, for example, is so high that the adjusted value of salaries rank in the bottom fifth in the nation. In other words, a couple with two children with a $150,000 income in Austin or Raleigh may be, in terms of housing and personal consumption, far “richer” than one making twice that in New York or Los Angeles.
That last sentence is telling: people in the south live far better on half as much as people in LA or NY.
It is high time for true tax reform. No, it is past time for that, but nobody in either party in congress has the political will to even attempt doing so.
It's time, past time, for a new party to emege. Maybe that will be the Tea Party, which I fully expect to emerge in full force next summer or the summer after. Now if only they can agree NOT to talk about those hot button social issues and focus on what is important and best for America. Now there's a thought.