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If this comes to fruition, they would be shooting themselves in the foot. I highly doubt that anyone who is making the money that puts them in a 57% tax bracket would stay put. They'll move, they have the means, and revenue will actually go down for NY.
This is true. Look what happened in Maryland after they implemented the "millionaires tax".
And because the economy stank JFK lowered taxes on the premise that lowering taxes would improve the economy: "A rising tide lifts all boats." He was such a red neck!
And because the economy stank JFK lowered taxes on the premise that lowering taxes would improve the economy: "A rising tide lifts all boats." He was such a red neck!
Because by then, thanks to Eisenhower, we could afford tax cuts.
No one's forcing them to live in New York City, or even New York State.
That's true and leave they will (are). You can see the city slowly slipping back a lot more homeless. The city is being hit with a double whammy. The taxable income of many NYer's has shrunk due to the loss of high paying Wall Street jobs and high income people are leaving the city due to the crushing tax rates. They are cutting services all over the place because of decreased tax revenue. It will get worse.
They've been high for a long time. If people living in New Jersey are unhappy, they can vote and replace their representatives or they can move to another state.
Corzine is 12 points behind Christie for Governor.
And that is your right, of course. If New Jersey discovers that they are suffering due to their high taxes, they'll make changes.
New Jersey is a very corrupt state and I leave in arguably the most corrupt county (Hudson) and they continue to vote the same perople in time and time again.
That data is 2 years old. I wouldn't be surprised to see a decline. Especially becaus of job losses. NY is a company town and Wall Street is the company.
I don't know the numbers for New York, but in California, it's the poor who are leaving in much greater numbers than the rich (contrary to popular belief). It's not good to lose the rich at all, obviously, but I think some have the impression that poor people stay in California for the supposedly "generous" welfare programs. Believe me - this is not a good state for the poor. They're usually a lot better off somewhere else.
If you're rich, you like California, and you can handle the taxes, there's not much reason to leave.
"The poor are more likely to leave California than the rich, despite concerns that the state's relatively high income tax rate is driving away the wealthy, a new study shows.
The report released Friday by the Public Policy Institute of California determined the poorest 20 percent California residents are twice as likely to leave the state as the richest 20 percent."
Report finds that poor leave Calif. at highest rate; rich population is stable - Los Angeles Times (http://www.latimes.com/news/nationworld/nation/wire/sns-ap-us-california-migration,1,1853826.story - broken link)
That is a LOT lower than the top rate I propose. Anybody making millions per year should be taxed at 90% with no tax havens available. Besides the NY Post is a notoriously unreliable propaganda sheet for the Right Wing fear mongers.
Another leftie in favor of punishing achievement and success. At your 90%, what is the incentive to prosper?
My neighbors in Rockland country are terrified about seeing their already high taxes go even higher. There are so many homes up for sale but no takers. The prices are going down due to the loss of jobs in NYC but with no real work here baby boomers are going to be sitting with them long into their retirement.
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