Time and time again, the Democrats turn to higher tax rates, particularly on the wealthy, as a means of making things better somehow. At times it may appear to be virtue signaling to say that those who are rich should “pay their fair share” even when they pay most of the taxes already.
Now New York is showing, yet again, that a progressive income tax system that really is about redistributing wealth and punishing the rich will eventually implode. The rich will simply move themselves, their assets, and their capital elsewhere.
Democratic governor Andrew Cuomo announced that New York state’s income tax revenue had taken a nosedive after he introduced his new budget plan a month ago, according to the New York Post. The hit taken by the state is a whopping $2.3 billion.
More @ CT
Cumo is another liberal idiot who doesn't understand basic economics and human nature.
ReplyDeleteYup.
DeleteTechnology has changed to allow people to work from almost anywhere. David Tepper, the new owner of the Carolina Panthers, owns Appaloosa Management and is worth billions. When he relocated to Florida from New Jersey he agreed to a staggered exit because the loss of his taxes impacted the state budget. High taxes, extreme liberalism, and cold weather are driving people out of states like New York and New Jersey. They can't do much about the cold and won't do anything about the other two. I just hope the influx of newcomers doesn't screw things up here.
ReplyDeleteI just hope the influx of newcomers doesn't screw things up here.
DeleteThey'll bring all their 'enlightened' views with them, unfortunately.