Greg Mankiw looks at what earning an extra dollar today will do for his family tomorrow under the proposed tax plans:
Obama’s proposed tax hikes reduce my incentive to work by 62 percent compared to the McCain plan and by 93 percent compared to the no-tax scenario. In a sense, putting the various pieces of the tax system together, I would be facing a marginal tax rate of 93 percent.
The bottom line: If you are one of those people out there trying to induce me to do some work for you, there is a good chance I will turn you down. And the likelihood will go up after President Obama puts his tax plan in place.
Obviously, Mankiw just doesn’t get it. He’s not supposed to look at what his effort gets for Mankiw or Mankiw’s family. He’s supposed to look at the greater good.
If everyone was like Mankiw, everyone would start looking at and thinking about whether what they were doing made sense or not. And where would that get us? If you are thinking about you, how does that help me? (via Instapundit)