Letter: Taxing the rich — Don’t kill the golden goose

Posted 5/12/21

To the editor:

I have recently received yet another mailer extolling the virtues of the latest move within the Legislature to tax the wealthy. I see this more as a revenge tax rather than a …

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Letter: Taxing the rich — Don’t kill the golden goose

Posted

To the editor:

I have recently received yet another mailer extolling the virtues of the latest move within the Legislature to tax the wealthy. I see this more as a revenge tax rather than a sensible one. 

So today we add an additional 3 percent tax on those earning above $475,000 per year. What will be the plan when we have spent and exhausted that revenue source and require even more taxes? What will we do when the “wealthy” decide to leave for more tax friendly states? Who will remain to fund and start new businesses? 

We may get more tax revenue but you can be sure it will be spent in support of programs that will continually expand and never be stopped and it will stifle investment in the state. 

Eventually the geniuses who support this idea will realize that there is an emerging group of baby boomers who are in possession of 401k’s and other retirement investments worth billions. They will then want to enact similar legislation to pillage this new source of wealth under the guise of “fairness.” 

Don’t think this can’t happen.

Jay P. Edwards

Tiverton

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