United Sociaialst States of America

Matthew Yglesias » Why Not Arbitrary Limits on Executive Pay? .

What if we had a 95 percent marginal tax rate on income over $10 million? What dire consequences would flow from this? Perhaps a certain outflow of top-flight baseball talent to Japan. But I don’t see this leading to any kind of economic calamity. Producers of certain classes of supply-constrained luxury goods would lose out as their prices go down. But my strong suspicion is that at the end of the day most of the super-rich would ultimately find it a relief to get off the treadmill of status-competition and the not-quite-so-rich would be thrilled to see their betters cut down to size.

I can’t even express how terrifying this is.  This sort of thought is progressing from wingnuts to average joes in this media fueled disaster.  I think it’s time to start looking at other places to live.  America is jumping the shark.