Wall Street Journal Editorial on Taxes

On May 18 the Wall Street Journal ran an Editorial by Arthur Laffer and Stephen Moore regarding state tax policy. Here is an excerpt from the article:

Soak the Rich, Lose the Rich
Americans know how to use the moving van to escape high taxes.

By ARTHUR LAFFER and STEPHEN MOORE

With states facing nearly $100 billion in combined budget deficits this year, we're seeing more governors than ever proposing the Barack Obama solution to balancing the budget: Soak the rich. Lawmakers in California, Connecticut, Delaware, Illinois, Minnesota, New Jersey, New York and Oregon want to raise income tax rates on the top 1% or 2% or 5% of their citizens. New Illinois Gov. Patrick Quinn wants a 50% increase in the income tax rate on the wealthy because this is the "fair" way to close his state's gaping deficit.

Rest of Editorial