Francesca Hong, the front-runner in Tuesday’s Democratic primary for Wisconsin governor, has made squeezing high earners a central theme of her campaign. Like most socialists, she is in denial about the costs and consequences of her proposals.
To fund “free” child care, state-run grocery stores and more health care subsidies — among other social spending — the 37-year-old state legislator plans to raise state income taxes
a full percentage point
on couples making at least $431,000 and individuals making more than $323,000. She would levy another 1 percent on “millionaires and large corporations,” bringing their top state tax rate to almost 9 percent.
There are plenty of people who think raising the marginal tax rate would cause that.
They’re wrong, though. The state would be taking another $0 out of that.
Now 623k? They’d take a few (3, specifically) out of that.
No one understands how tax brackets work. I have a ton of co-workers that won’t work overtime and have denied bonuses because they literally think that if they make $5k more, they’ll have to pay another $10k in taxes.