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October 27, 2008

What happens when the government attempts to redistribute the wealth?  Jay Tea, posting at Wizbang, gives an example:

Remember the luxury tax of the 1990s? To collect more money for the government, a whole list of luxury goods were subjected to a new tax. This included yachts.

So, what did folks do? The yacht makers shut down their factories and started building them abroad. Yacht buyers bought them and registered them offshore. And yacht-making workers found themselves out of very good-paying jobs. The only people who “paid the price” of the luxury tax were the least wealthy members of the whole business.

The more government tries to take from (read, “punish”) the rich, the worse it is for everyone.

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