In an interview on CNBC today, Barney Frank expressed his displeasure at the notion that raising taxes on the rich might somehow impinge on their productivity, or inclination to work.
FRANK: THIS NOTION THAT PEOPLE ON WALL STREET, WHAT, THEY’RE NOT GOING TO WORK ON SATURDAYS BECAUSE THE AMOUNT OF INCOME OF INCOME AT $2, 3, 4 AND 5 HUNDRED THOUSAND IS BEING TAXED 3% HIGHER? IT MAKES NO ECONOMIC SENSE.
BURNETT: IT MAY NOT. SO IS THIS YOUR WAY OF SAYING, LOOK, I DON’T THINK IT MAKES ECONOMIC SENSE SO I AM GOING TO GO AHEAD AND PUSH HARD FOR THOSE TAX CUTS TO GO AWAY, FOR THE TAX RATE TO EFFECTUALLY GO UP ON THOSE PEOPLE IN JANUARY?
FRANK: I FEEL I’M BEING SOMEWHAT CONSERVATIVE HERE. BECAUSE THAT NOTED RADICAL ALAN GREENSPAN IS FOR LETTING ALL THE TAX CUTS EXPIRE. PEOPLE IN THE MODERATE INCOME LEVEL WHERE I DISAGREE BECAUSE I DO THINK WE NOT ONLY HAVE AN EQUITY ISSUE, BUT THAT BOOSTS THE CONSUMPTION. BUT YOU CANNOT CONSISTENTLY VOTE WITHOUT ANY COMPENSATION FOR AN EXTENSION OF THAT WAR IN IRAQ WHICH HAS BEEN SUCH A FAILURE FOR MORE TROOPS IN AFGHANISTAN, FOR TAX CUTS FOR PEOPLE WHO MAKE MILLIONS OF DOLLARS AND SAY, BY THE WAY, I’M AGAINST THE DEFICIT SO LET’S NOT HAVE UNEMPLOYMENT INSURANCE.