It's fashionable to hate on the rich

The Obama coronation made hating on the rich fashionable, like wearing black, pet rocks, earth shoes, etc.

Ask the New York budget how much they like the rich. They'd probably tell you how much the miss those guys.

From the WSJ....

The global credit panic has swept away many illusions, and we're about to find out if that includes those of the politicians who have feasted for years on Wall Street tax revenues. Ground Zero is New York, which has lived a tax-and-spend fantasy thanks to the long bull market and "progressive" tax rates. Reality is now biting.

The financial services industry employs between 2% and 3% of nongovernment workers in New York, the same as it did in the late 1970s. What's changed is the share of total wages in the state represented by Wall Street jobs, which had skyrocketed to nearly 20% last year from a little over 2% in 1977.

"This is 212,000 people making nearly $80 billion in wages and salaries last year," explained E.J. McMahon of the Manhattan Institute at a recent panel discussion on the financial crisis. "This is all taxed at the margin, so it plays an outsized role in the state's finances." This is also the dirty little secret of highly "progressive" tax rates: They make a state dependent on relatively few taxpayers.

Where's John Galt? Probably not living in New York.