I'm all for it....tax them (literally) to death. As the deficits and debt pile up I have no doubt that will be the primary source of new tax revenues. That works fine until one of two things occurs:
1) We have another recession, or what's more likely we have chronic high unemployment and anemic growth in GDP.
2) Deficits continue and the increased taxation further depresses GDP.
The state and federal government spending figures I've looked at are astonishing. The notion that we can somehow tax a small percentage of income earners to cover the ongoing budget needs and cover the unfunded liabilities is a pipe dream.
But yes tax the $'s out of them, but you best have a plan B because you're going to need it. ;)
On a side note how are the school districts in PA explaining the coming funding requirement to the property tax payers. I've read articles that in some districts property taxes will increase as much as 30% by 2012. That's a big OUCH!
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