Whenever I hear liberals claim that people with high income are not paying their fair share in taxes I get vexed. Political ads for Mr. Biden feature that claim, but it’s not true. Here in Minnesota, federal and state taxes combined mean that I am paying 48% of my income to the government. There’s no way around it. In my state, I feel that we are paying more than our fair share.
To make things worse, the feds have nullified the deduction of state and local taxes. Recently, they did away with some aspects of the like-kind exchange provision. Business deductions for entertaining customers have been cut and interest deductions to home mortgages have been reduced.
As if that’s not enough, the left is clamoring for even higher taxes. Biden promises to hike our taxes immediately upon taking office. The socialists want to go further and introduce a wealth tax. They want to redistribute your money to those who’ve voted for the radicals. The left won’t be happy until everybody is equal in their misery.