RUSH: For years, I’ve told you that wealthy taxpayers don’t just sit there and have their pockets picked. “The rich” will always escape high-tax states. Because they can!
Now Chris Edwards, a Cato Institute tax expert, lays out the evidence to confirm what I’ve been telling you.
The Democrat governor of New Jersey just raised taxes on the top income bracket. Result? The top income bracket is joining the “tax freedom exodus.”
Wealthy residents are waving goodbye to California and Washington, notorious for high taxes. Connecticut lost multiple multi-billionaires after the Democrat governor raised taxes there. New York’s Andrew Cuomo admits his state is losing high-earners to low-tax Florida, but he says it’s because of the weather.
It’s only going to get worse, says Chris Edwards. The 2017 Republican tax plan capped state and local tax deductions, so 25 million high-income families now bear the full tax burden of their high-tax states. They’re not going to just sit there and pay it.
As more wealthy people leave, what will Democrats do? They’ll raise taxes on those who are remaining. Because they never learn! And then they’ll raise taxes on transportation, and then they’ll raise taxes on your bananas, and they’ll raise taxes on the air that you breath before it’s all said and done. So don’t hold your breath.