0
0
19th Ward links to a piece by Stephen Moore, that illustrates that punitive taxes drive wealth away
By STEPHEN MOORE
Liberals are very good at chasing rich people out of their states.
Blue states lose billions of tax dollars and many tens of thousands of jobs as a result of the migration of rich people leaving high-tax and high-crime states. It seems to happen nearly every day.
Consider Elon Musk. He left California for Texas. He paid $11 billion in federal taxes last year, and the state of California will likely lose billions in tax revenues in his absence — and that doesn’t include all the property and sales taxes that his Tesla employees will now pay in Texas rather than the Golden State. Texas has no state income tax, of course.
Then, there is the famous story of investor Paul Tudor Jones. When he left Connecticut many years ago and took his business and earnings to Florida, he single-handedly drilled a $40 million revenue hole in the state budget in Hartford. He never looked back.
Jeff Yass is the owner of Susquehanna Capital in Philadelphia. He is one of the richest residents of the state, and his hedge fund is one of the Keystone State’s largest employers. He and his wife have donated tens of millions of dollars to education scholarships for mostly black, low-income children in the city. He is also a major donor to other charities in and around Pennsylvania. But recently, the Philadelphia Inquirer skewered Yass with false allegations that he doesn’t pay his fair share of taxes. Are they trying to chase him out of the state?
Go read it all. I would point out that part of the issue is the left’s obsession with “equality” They wish to make the “rich” pay more because “equality”. Part of it is just a need to wield power for themselves. There are other reasons as well of course because the left is no longer liberal, it has become increasingly dictatorial. And, sadly, that issue is only going to get worse
