Maryland lost 1/3 of their millionaires after a similar tax. The left promised $100 million windfall from the rich but the state actually lost $100 million because so many rich moved out.
“Maryland lost 1/3 of their millionaires after a similar tax. The left promised $100 million windfall from the rich but the state actually lost $100 million because so many rich moved out”
Exact same thing happened in Oregon - Voted it in - revenue down by 30%
Why is it that the democrats only believe in the one variable economic formula? If taxes are raised x% the revenue will increase x%. They are poor students of history. Americans have a long history of finding ways to overcome tax burdens. The rich moving from CA or NY to a less oppressive state is a reasonable reaction to anyone paying attention. The libs obviously haven’t been paying attention.