It's easy to think of our tax system as consisting solely of federal income tax rates. There, the top marginal tax rate is 39.5% which, when we compare it to other tax rates around the world, seems low. When taking into account the entirety of our tax system, a more dangerous picture emerges.
The former head of the Department of Transportation seems a bit confused about which party he represented at one time and now, has clearly joined the party of the President he worked under instead.
While New Jersey and Virginia gubernatorial races dominated headlines last week, the most fascinating election story wasn’t on the East Coast. It was in Colorado, where Michael Bloomberg and Bill Gates chipped in millions to fund a $1 billion income tax hike campaign, only to see it handily defeated by nearly a 2-1 margin—proof that the threat of a massive tax hike can transform a moderate electorate into a throng of fiscal conservatives.