Who will the politicians tax if millionaires disappear? Or are taxed out of existence, as those on the Left ( at least, those who have less), call the solution to all our ills?
New York State and California, which have always had the largest number of millionaires, report that their number have been falling. That is bad for politicians who love to tax them to solve state fiscal and budget problems.
Unfortunately for these high-tax states, the millionaires, and those not so wealthy, are taking precautions. Where taxing situations get onerous, they leave for other states.
Eventually, of course, the Federal government may well catch up with its millionaire citizens, with death taxes, if not those on income.
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