Glenn further advances his outstanding notion of a post-gov’t-employment tax, aka the “Reynolds Surtax“. Some people, especially those with a lot to lose (e.g. gov’t officials, lobbyists, and those they regulate) are going to call this a gimmick, but it’s really something that should be taken very seriously — when DC is the only non-fracking (if you don’t count what they do to taxpayers) boom region in the country, there’s a problem.
This could be a great legacy for Obama, who to this point has taken no action against TBTF bankers or their lobbyists, nor any responsibility for the massive government intervention that created the housing bubble. And along with Glenn’s mention of Liz Warren I’m sure Tea Partiers like Rand Paul and Ted Cruz will be strong supporters in the Senate. Now we’ll see who (on both sides of the aisle) is serious about reform!
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3 responses to “Pigou vs. Pigout”
This is an idea whose time has come. Congress should exempt themselves and pass this with a veto proof majority.
[…] The "Reynolds Surtax" […]
He’s totally correct (I’m not saying “right” because he isn’t.)
But…good luck. See Bob’s comment above – lol.
Yanno, a “Congress may not exempt themselves” amendment (YES, CONSTITUTIONAL) might do more to stop stupid laws than anything else we could do.