IT’S LIKE “GROUNDHOG DAY,” BUT WITH HIGHER TAXES: Democrats Propose Another Surtax on Millionaires.

Since the current trend is a 4-5% hike on high-earners every time new spending is required, that seems to indicate that Democrats have only about five bites left at the apple. Then they’ll be out of money for new programs. That’s assuming, as they seem to, that rich people don’t care about money, and will not change their behavior in response to higher tax rates. If that assumption is wrong, then they reach the end of this particular rope much sooner.

Presumably the next step is people who make over $250,000 (which is, indeed, the group already targeted by the Medicare surtaxes). But this group contains a lot of solid Democrats who do not, in my experience, think that the socially just marginal tax rate on such incomes is 80%.

Hey, I’ve got a few revenue-enhancement proposals of my own. Of course, capping the mortgage-interest deduction and eliminating the deductibility of state property and income taxes will hit blue states harder, but hey — shared sacrifice, right?