How Democrats Make Millionaires

I love an eye-grabbing headline and today's The Wall Street Journal Online does not disappoint with "How Democrats Make Millionaires, According to tax proposals, lots of us are 'rich.'"

With the stock market down, kissing "goodbye to the bonus you were hoping to use to pay junior's college tuition" and worrying about there being a pink slip in your future, the advice is:

"Cheer up. Even in these hard economic times, Democrats across the nation are working on plans that will turn some of you into instant millionaires.

There's only one catch. You're not actually going to be bringing in a million-dollar income. But the tax man is going to treat you just as though you did."

How does this happen? In New York, Assembly Speaker Sheldon Silver coerced Governor David Paterson to impose a "millionaire's tax" on folks making $300,000 per year. New Jersey is the granddaddy of them all.

"In 2004, then Gov. Jim McGreevey became the first Democrat to get through a millionaires' tax whose reach extended to nonmillionaires. The McGreevey
"millionaires' tax" kicked in at $500,000. He justified it, moreover, by saying that any money collected would go toward funding property tax relief for the state's beleaguered homeowners.

"Five years later, we can see how that's turning out. Not only is Democratic Gov. Jon Corzine targeting property tax relief for many Garden State citizens, he wants to impose a "temporary" surcharge on the existing McGreevey millionaires' tax. "

Democrat Washington state legislators are floating the idea of a millionaire's income tax that would kick in at $500,000.

"And why not? So long as Democrats are willing to rewrite the tax code, almost anyone can wake up one day to find himself a millionaire."

Read the full column, How Democrats Make Millionaires.

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