According to The Wall Street Journal, the financial community wants to see higher taxes to fight the federal budget deficit. Since brokers and bankers enjoy extremely high salaries, they don't want any hikes in income tax rates. But they do favor new taxes to discourage "consumption" and they zero in on a hefty boost in the gasoline tax.
We agree and disagree. We worry about the effect of dearer gasoline on, say, the woman in Appalachia who must drive 40 miles to her job. But there definitely is too much consumption around.So why not impose stiff taxes on yachts, cars costing over $30,000, impressionist paintings, houses and apartments starting at $500,000, mink and sable coats, diamonds larger than 1 carat, $100-an-ounce perfume, custom-tailored suits, Louis Vuitton luggage and other necessities of life on Manhattan's East Side?