Larry Kudlow writes about the $127 billion we've allocated to try and rebuild New Orleans - so far unsuccessfully:

Perhaps all this money should've been directly deposited in the bank accounts of the 300,000 people living in New Orleans. All divvied up, that $127 billion would come to $425,000 per person!

Here's a thought experiment. If, in fact, New Orleans residents were handed checks tomorrow for $425,000, that would put them in the "top 1 percent" of all Americans based on annual income - in which case the government would turn right around and tax them in the top bracket.

According to current tax schedules, that means a married couple would have to fork over $120,956 in taxes to Uncle Sam, while single residents would have to cough up $127,824.25. (UPDATE: Plus another 6% for Louisiana state income tax, by the way.)

Those are some big numbers, and they'd be even bigger under a Democratic administration since every candidate has proposed "rolling back" the Bush tax cuts. Obviously, you might not be as upset with Uncle Sam if you had a steady annual income at that rate, but it always looks a bit different when it's put in the perspective of a windfall or a one time payment. Anyone who's ever opened a quarterly sales bonus or Christmas bonus knows exactly what I'm talking about.

Assuming the residents of New Orleans didn't get some sort of special exemption, I bet they'd be none too happy to have to write out a six-figure check to the government. Who knows, it might even make them mad enough to vote Republican.