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Posted on 07/14/2026 8:35:50 AM PDT by MinorityRepublican
Americans are some of the most mobile people on Earth: They move homes about three times more often than Europeans.
As a recent report shows, that mobility is a problem for New York’s rising socialist movement.
A new Citizens Budget Committee report found that New York’s share of millionaires, those earning more than a million dollars a year, declined more than any other state since 2010.
The state went from having 12.7% of all millionaires in the nation to 8.7%.
Worse yet, in the more recent years, the state’s highest earners have been leaving much faster than its lowest earners.
The flight of the millionaires leaves the rising Democratic Socialists of America movement, and Mayor Mamdani in particular, in a bind.
On one hand, DSA campaigns have centered around attacking the millionaires and billionaires whom they claim are squeezing working citizens.
On the other, the DSA needs those same people to pay exorbitant taxes to fund their social programs.
Mamdani in his campaign wanted to raise taxes on millionaires by 2%.
The New York City DSA’s chapter suggests the state should raise taxes on those making over $300,000 a year and on capital gains and inheritances as well.
(Excerpt) Read more at nypost.com ...
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https://finance.yahoo.com/news/hedge-fund-billionaire-just-bulldozed-194502995.html
How much Tepper’s move to Florida would cost New Jersey is tough to say for sure. According to Haines, personal income tax comprises roughly 40% of New Jersey’s tax base, and one-third of that revenue is brought in from less than 1% of taxpayers. And Tepper could well be the highest-earning New Jersian, as Forbes estimates that he brought in $1.2 billion in income in 2015. Because of charitable deductions and other account maneuvers, Tepper likely wouldn’t have paid the top New Jersey state income tax rate of 9% on all that income—which would amount to more than $100 million—but it’s safe to say that the move could cost the New Jersey State government tens of millions of dollars over the course of the next several years.
Socialism is fun until they run out of other people’s money. Its not just the lost taxes but the lack of investment of private capital accelerates rot. Who in their right mind in most instances would invest private, hard earned capital in the high tax, regulation happy, hostile to capitalism and profit socialist enclaves.
Commie ‘leaders’ are never in a bind - their people can be starving on the streets and THEY have power and money for themselves. It’s true in every commie hellhole since the time of Marx.
They’re on the express elevator to hell.
In New York City, mere millionaires are about 50% of the population!
“Americans are some of the most mobile people on Earth: They move homes about three times more often than Europeans.”
It’s people from the coastal states that move all the time.
Soon comes the hue and cry for bailouts, and plenty of them.
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Running out of other people’s money is so inconvienient.
Dems are no good at reversing stupid policies and the tax-the-rich idea is a good example. Instead of easing up on the tax, they will just adjust the term “rich” downward to the mids in order to keep the dough rolling in. BOHICA, thy name is democrat.
Fixed it.
For some reason this article reminded me of this song. I guess because the left’s stupid ideology is seen here, failing just as this song seems to be saying.
Fazon
https://www.youtube.com/watch?v=IxyCnWYVJ1w&list=RDIxyCnWYVJ1w&start_radio=1
As predictable as the rising of the sun.
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