I think we all know that no poor person ever gave you a job. And we all equally know that every time tax rates for the rich are hiked, tax yields actually go down.
I feel I'm almost wasting my time writing this today because these are indisputable facts. So indisputable that New York decided to try and tax the rich anyway. So how's that working out for the good folks of that fine State? Great? Errr - not so much....
Right now half of around $1 Billion expected from New York's top 100 earners is "missing" from tax coffers. Could it be the economy? Sure it could, but there is significant evidence that many have simply packed up and left the State - taking their tax dollars with them. And this is potentially good for Florida as a lot of the "leavers" are heading right here.
Even the "we check and check again" New York Times is reporting the shortfall. "State officials say they don't know how much of the missing revenue is because any wealthy New Yorkers simply left. But at least two high-profile defectors have sounded off on the tax changes: Buffalo Sabres owner Tom Golisano, the billionaire who ran for governor three times and who was paying $13,000 a day in New York income taxes, and radio talk-show host Rush Limbaugh. Golisano changed his official address to Florida, and Limbaugh, who also has a Florida home, announced earlier this year that he was relinquishing his home in Manhattan."
And considering we were talking about jobs earlier, it is worth noting that Golisano had created 5,000 jobs from his Rochester, NY payroll processing company. And of course he has been accused of bailing. "'If anything, New York state has bailed out on us,'' he said according to the NYT.
Finally Donald Trump earlier this year, told Fox News that many of his friends were thinking about leaving.
How many times does this need to be proved before the Libs finally get it? Back in the 80s President Reagan here and Prime Minister Thatcher in the UK were in office at the same time. Both dramatically reduced taxes on the rich and indeed on corporations. The result? Tax yields increased dramatically and both countries started a period of economic boom. You don't have to be an economist to figure this out (and I'm not!).
It's simple common sense!
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