Who will politicians tax if millionaires and billionaires disappear? Or are taxed out of existence?
New York State and California, which have always had the largest number of millionaires and billionaires, report that their number have been falling. That’s bad for politicians who love to tax them to solve state fiscal and budget problems.
Unfortunately for these high-tax states, millionaires, billionaires, and those not as wealthy, are taking precautions. When taxes get onerous, they leave for other states.
Even 100% taxation on the wealthy will not solve annual deficits.
Liberal politicians who hear the lesson about the goose who laid the golden egg, think the goose is always in open season just for them. (See the Earl J Weinreb NewsHole® comments.)
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