Liberals raise taxes and people move out

Good day all. In a continuing story, liberal state legislatures have pretty much run their state finances right into the ground, and kept on digging. Instead of fixing the causes of their financial and budget problems, the first and only thought that enters their empty heads is “TAX THE RICH!!”

There is just one small problem with this idea. The so called rich they go after generally aren’t that rich, and those that are can and do move elsewhere. I’m not going to talk about all the states seeing this happen, just one and this one has a Republican governor. I speak of New Jersey of course, governed by the Great White Jersey Rino with a legislature made up of Progressive Liberal Idiots. They state is pretty much broke and the legislatures answer is “RAISE TAXES!” Here are the details from Fox News:

New Jersey’s high taxes may be costing the state billions of dollars a year in lost revenue as high-earning residents flee, according to a recent study. The study, Exodus on the Parkway, was completed by Regent Atlantic last year but held for publication until after the November 2013 elections. The study stated it “intentionally” held its results “as 2014 is not an election year for state legislators” and it will “hopefully encourage a serious and objective dialogue aimed at addressing and solving the challenges that New Jersey currently faces.”

Holding back the report was probably a mistake, although I can see not wanting to influence the election. However, expecting those clowns to look into fixing the issues is just wishful thinking.

The study shows the state has been steadily losing high-net-worth residents since 2004, when Democratic Gov. Jim McGreevey signed the millionaire’s tax into law. The law raised the state income tax 41 percent on those earning $500,000 or more a year. “The inception of this tax, coupled with New Jersey’s already high property and estate taxes, leaves no mystery about why the term ‘tax migration’ has become a buzzword among state residents and financial, legal, and political professionals,” the study, conducted by Regent states.

As I mentioned before, it isn’t just New Jersey. All the states that have been run by the Progressive Liberal Democrats are experiencing the same thing. New York has lost billions in potential tax revenue due to this same issue. People do not like paying any more in taxes then they absolutely have to, they expect value for their money and will look for any lawful way to minimize the bite put on their money from the government. They know what really happens to their tax dollars.

One notable, (and not at all surprising), person who did this is conservative radio talk show host, Rush Limbaugh. He moved to Florida a few years ago and is saving tens of millions in taxes. The warmer climate was also attractive to him no doubt. Have the Progressive Liberal Moonbats in the New Jersey legislature learned their economic lessons? Of course not!

Democrats in New Jersey have been pushing for even higher taxes on the wealthy in recent years. They have failed three times to raise the millionaire’s tax even higher than McGreevey did under threat of a veto by Governor Chris Christie.

Christie, aka The Jersey Whale is a classic RINO, but even he knows that jacking taxes through the roof isn’t going to solve the fiscal problems the state has. As any real economist knows, and I’m certainly not one, you don’t increase revenue by stealing money from the major producers. You increase revenue by widening the pool of people paying taxes. This is one reason why fiscally conservative states are doing so well. They keep their tax rates as low as they can, producers come in to the state, hire people who then pay taxes. Progressive Liberal Moonbats can’t grasp this simple fact. It isn’t what they were taught in Marxism, Socialism and Communism for Dummies in Collage. So, just as their socialist professors, none of whom have ever worked a day in the real world, tell them, they just keep raising taxes and assume that the serfs will just keep paying.

The results speak for themselves. People are fleeing New Jersey and other high tax states as fast as the moving vans can load up their furniture and step on the gas. Soon all that is left will be the takers and the bureaucrats in these states and the money will stop coming in. Personally, I can’t wait for the first state to collapse.

Thatisall

~The Angry Webmaster~

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