For the second time in three days, Glenn Reynolds of Instapundit mentioned the idea of a “50% surtax on the earnings of former government officials.”
SO OBAMA’S PEOPLE ARE TALKING TAX INCREASES AGAIN. Here’s my proposal: A 50% surtax on anything earned within five years after leaving the federal government, above whatever the federal salary was. Leave a $150K job at the White House, take a $1M job with Goldman, Sachs, pay a $425K surtax. Some House Republican should add this to a bill and watch the Dems react.
FORGET JOHN GALT, WHO IS PETER ORSZAG? Peter Suderman writes: “Here’s my answer to the question: He’s a pretty-boy pencil pusher whose business, as the top budget brainiac in the administration, was to mislead the public about the budget. . . . Ultimately, it doesn’t really matter what Orzag is doing for Citibank. His primarily job duties are intangible. Mostly it seems he’s there to cast his sexy geek-boy light on the institution and serve as a conduit to Washington’s power centers.”
Seems like another good argument for my 50% surtax on the earnings of former government officials. After all, at least half of Orszag’s value to Citibank comes from his prior government service. Why shouldn’t the taxpayers claw some of that back? Shared sacrifice, dude. . . .
While I almost always oppose taxes, I might be able to get behind this one. However, I don’t like the idea of a surtax. I think it should be called a windfall profit tax.