The meme above is a classic example of how Leftists literally fail at basic economics* and how harmful that is to society. Their alleged good intentions drive them to do things like increase taxes on luxury items because they “know” that the rich can afford them and will continue to buy them in the same volume.
But back in reality, the ironclad law of supply and demand — in which I can make a 7th grader fluent in a 30 minute Junior Achievement class — meant that people would buy less luxury items. That meant less tax revenues from the sales of the luxury items. And it meant less jobs for the makers of those items. And it meant less taxes paid by those workers and more taxes consumed by them when they were out of work.
In short, it was an entirely predictable train wreck brought about by the covetousness and economic ignorance of Leftists. They completely ignore that even fantastically wealthy people like John Kerry will inconvenience themselves by putting assets in more tax-friendly environments. It is the same ignorance that makes them shocked when businesses move to tax-friendly countries.
Part of being an adult is being able to consider the unintended but predictable consequences of things like tax increases. But what does all that human misery and lost tax revenue matter as long as it made the Leftists think they were being “fair?”
These people should not be allowed to govern until they gain a basic understanding of human nature and economics.
*My dog did better on an economics test than Leftists. Seriously. Sort of. And they really do fail at basic economic principles. The more conservative someone is, the better they do.