Actually the Federal Tax base as well. Attempts to clamp down on executive pay directly damage the income and sales taxes.
The top heavy punitive “income” tax structures will suffer the most. Property and sales taxes will follow suit to a lower extent.
All the denied bonuses and pay will be gone for taxation purposes. Those people will also be in dire financial straits and have little money to spend in the economy and some will lose their homes and vehicles buy defaulting on mortgages and contracts.
Companies and people will leave the USA for more friendly hangouts further reducing the tax base. Some people will just stop trying to make money and reluctantly join the skater class.
The financial centers are already floundering and direct intrusion by bumbling bureaucrats and elitists just makes things worse.
Governments without an taxable population eventually cease to function. Especially when they are based on taking from the “producers” and giving to the skaters and slugs.
Malcolm T. Hedges
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