We told you over the past several issues about the successful ballot initiative in Maine to add a 3% surtax to incomes over $200,000, clearly a misnomer in that it is referred to as a “Millionaire’s tax”, but a new policy nonetheless. Well, the city of Portland Oregon has gone Maine one better in its quest for “income equality” – adopting a new 10% surcharge on top of the city’s 2.2 percent business tax rate for those companies where the CEO earns more than 100 times the company’s median worker’s pay. The surcharge increases to 25% should the CEO-worker pay ration be 250 or greater! The surcharge was crafted by Portland Commissioner Steve Novick, who was inspired by French economist Thomas Piketty and his 2015 book “Capital in the 21st Century”. Now the 7th largest economy in the world at $2.42 trillion, France was just passed by California for 6th place (in contrast, the US is first with $18.5 trillion). If we measure economic freedom, the French economy is ranked 75th in the world, so is it really such a great idea to adopt their economic policies and further, how does punishing the successful help the less successful? By the way, the voters were inspired as well – Commissioner Novick lost his re-election bid and will be out of office in January.