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?
Billionaire Citadel Capital founder Ken Griffin, one of the most philanthropic residents in the history of Illinois, has moved to — where else — Florida. Bloomberg wrote a superb, well-researched story on what Griffin (age 53) has meant to the life and civil culture of Chicago. Griffin has donated more than $600 million to organizations in the Windy City since coming to Chicago. His name hangs above a hall at the Art Institute of Chicago. The Museum of Science and Industry plans to take on his name in 2024 thanks to his massive contributions. In June, Griffin donated more than $130 million across 40 Chicago organizations before leaving. He has been a major donor to schools, churches, meal programs, Northwestern Medicine, the Field Museum, and the Chicago Symphony. Many of these organizations told Bloomberg that they worry whether they can replace such a generous benefactor. Still, many of the class warfare advocates want to raise the state income tax so people like Griffin will pay more.
The state will lose about $200 million annually because of his departure. That is how much tax he paid in 2021 in state and local taxes. So instead of getting more money out of Griffin, the state will collect way less. Because Griffin is moving to Florida, another state with no income tax, he will save hundreds of millions of dollars in taxes, though Griffin insists his main reason for leaving is the crime wave in Chicago and his concern about the safety of his family.
The moral of these stories is that class warfare liberals can’t seem to help themselves. They always kill the geese that lay the golden eggs. Pretty soon, blue-state America won’t have any more rich geese to pluck.
Stephen Moore is a senior fellow at Freedom Works. He is also author of the new book: “Govzilla: How The Relentless Growth of Government Is Devouring Our Economy.” To find out more about Stephen Moore and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.
If you elect Democrats to rule over you, than expect them to steal your money in evert taxable way they can.
When we elect Godless, dishonest, immoral, hateful, self-righteous representatives like the corrupt puppet Joe Biden, Tinkerbell PinocchiObama, the hateful Nancy Pelosi, racist Maxine Waters, Liar Adam Schiff, Chuck Schumer, Camel toe Kamala Harris, Bimbo Alexandria Ocasio-Cortez, Muslim Ilhan Omar, squaw Elizabeth Warren and radical Ayanna Pressley who intentionally pit one group against another to divide the country and cultivate hate and distrust, you got to ask yourself; what are the motives of these type people? To lead the country into prosperity OR to gain control, stay in power any way possible and to dominate the citizens? No matter the costs to the people, the government or the nation. Vote ALL Democrats and RINOs OUT of Office everywhere. Return this country to we the people and by the people.
AND in Commiefornia’s case, even As you try to leave, they want to GOUGE The hell out of what you own, to “PAY” an exit tax…
Liberals want to keep the populace barefoot and poor, it’s their control over them when they offer little dog bisquet style treats to molify the complainers. Turning on the rich isn’t doing anyone any favors.
When the founders wrote the Constitution, they created an upper and a lower chamber of Congress because they under stood that the country needed BOTH smart rich successful leaders as well as middle class workers who created wealth from the sweat of their brow. Dim witted woke equity people like Democrats in California and New York, seek to make all people and personal property equal regardless of who spent their live force creating it. The seek to unite THE PEOPLE in equal collective poverty, rather than equal in individual opportunity to create wealth, whose abundance get shared with others. There is no abundance in the equal creation or redistribution of poverty. Lower class people need upper class people just as the uppers need the lowers. Not all are created equal in ambition or energy. Not all can be the brains without arms, ears or feet or the body politic goes nowhere fast.
And that’s what we need to get back to.. THE LOWER Chamber SHOULD be filled with rank and file WORKERS, from all walks of life.. NOT THE UPPER CRUST as it seems to be.
Fir the exception of Gates and Soros.
Jack Kenedy was the last Democrat to do meaningful income tax reform and when he got his tax cuts through Congress the Government actually took in more taxes and the middle class grew. The Neo-Marxist Democrats don’t seem to comprehend this or just don’t care. They have turned the IRS into their pet extortionists and the American Worker as their cash cow. They view the Treasury as the Democrat Political Slush Fund. They use our living wages extorted from us through a punitive tax system to buy votes from their Constituency, which is comprised of losers, slacker, professional victims, race baiters, and societal leeches. They also put forward legislation designed to fail that launders money back into their pockets and those of family and associates. They evidently didn’t learn the last time they ramp taxes on the wealthy up to the point many of the Ultra-Wealthy left the country and took their money with them.
More and more, i lean to “They just don’t care”, rather than “they don’t understand or comprehend”..