The real pain of tax hikes

Apparently, Minnesota Governor Mark Dayton (CCCP/DFL) has come up with a budget plan that includes increasing taxes on top earners from 7.85% to 14%.  Of course, that doesn't affect our state's biggest fan of Renoir, as his lifestyle is supported primarily by his trust fund.

For the rest of us--those of us who might like a competent surgeon when, say, we need gallbladder surgery--here's a breakdown of how the equation works. 

FICA will be $6000 plus 9.3% of income (no, the employer does not "volunteer" that money to the government), federal income tax is up to 35%, and then there is an additional 3.1% to 6.15% paid on taxable incomes above $130,000 and $500,000.

The end result; about a 10% drop in disposable income for high earners.  Now even if the rich disposed of extra money by burning it on the fireplace like the widow love interest of Foghorn Leghorn (not really the case), the fact remains that confiscating that money will induce some of them to leave the state--not what I want when I need a competent surgeon or employer, to put it mildly. 

Now if we could put a heavy surcharge on wealth from inheritances from department store fortunes, that would be another matter.....