[Pearls Before Swine]

Let’s play along. If you live in New York City, you’ll pay the 75% Federal tax, the 8.8% New York State top income tax rate, and the NYC 3.9% top rate. That’s a total take of almost 88%.

Interestingly, the higher your Federal taxes are, the more dramatic the effect of State and local taxes on what’s left.

Krugman talks about roughly 75% Federal tax... which leaves 25%, of which New York City residents would have to give up more than half.

Everyone in high brackets would leave states and cities with signigicant local tax would run for the exits!

What the socialists really want isn’t a punishing income tax on the rich; rather, they want a wealth tax. Wait and see.

[HotHunt]

The very reason why Rush Limbaugh left NYC I've read.

To avoid the crushing, disincentivizing, exorbitantly high taxes.

[C210N]

What the socialists really want isn’t a punishing income tax on the rich...

When high taxes drive out the well-to-do, it has the all-so convenient side benefit of concentrating power. With less well-to-do, all of a sudden elections for the 'Rats get a great deal easier.

Very blue states is quite a slippery slope, as they reach points of no return to being purple again.

On the other hand, red states don't have nearly the same consequence: they can turn purple, back red, back to purple. But, if/when they start tipping more blue, that's it for them. The liberalism ratchet effect.

[sphinx]

What the socialists really want isn’t a punishing income tax on the rich; rather, they want a wealth tax.

What the socialists really want is the political class at the top of the income and wealth distribution. They are driven by resentment, envy and status competition.

[az_gila]

I did like the comment that no-one else has done the high tax rate thing before...:^)

The famous Nobel Prize winner must have forgotten about the Beatles Taxman song - written after they found that they hit the UK 95% surtax rate. I remember in the 60’s that sports stars were careful to be in the UK for less than a set number of days so they didn't kick in UK tax rates. IIRC Switzerland or Monaco was their favourite spot to live.

Let me tell you how it will be
There's one for you, nineteen for me
‘Cause I'm the taxman, yeah, I'm the taxman
Should five per cent appear too small
Be thankful I don't take it all
‘Cause I'm the taxman, yeah I'm the taxman
If you drive a car, I'll tax the street,
If you try to sit, I'll tax your seat.
If you get too cold I'll tax the heat,
If you take a walk, I'll tax your feet.
Don't ask me what I want it for
If you don't want to pay some more
‘Cause I'm the taxman, yeah, I'm the taxman
Now my advice for those who die
Declare the pennies on your eyes
‘Cause I'm the taxman, yeah, I'm the taxman
And you're working for no one but me.