by: Diane Benjamin
“Tax the Rich” has been the mantra of Democrats for way too many years. It works for them because average people don’t understand economics. They fail to understand that “RICH” people employ other people. Average citizens also fail to understand that “RICH” people can live anywhere they want. If they are constantly attacked just for being rich, and excessive taxes are leveled against them, they will move somewhere where they are welcome. Texas and Florida have benefited from the stupidity of states like Illinois.
Speaker of the House Mike Madigan wants to levy a 3% tax on millionaires. It’s an obvious ploy against GOP governor candidate Bruce Rauner, a rich guy. Below are 2 stories of what happens to states who adopt a “tax the rich” philosophy. Evidently Madigan is happy to keep destroying Illinois. Unemployment in Illinois will go even higher when the “Rich” flee to states who appreciate the investments they make in the local economy.
- A white paper from investment advisory corporation RegentAtlantic finds that New Jersey is losing high percentages of its revenue to wealthy residents moving out to states like Pennsylvania and Florida in the hopes of escaping the highest taxes in the nation. http://www.breitbart.com/Big-Government/2014/03/18/Study-NJ-s-Budget-Crisis-Fueled-By-Exodus-Of-Wealthy-Residents-Fleeing-Taxes
- Media reports are filled with stories of wealthy New Yorkers and pro golfers in California threatening to move to escape high taxes. Travis Brown, author of “How Money Walks,” said there is a “mass exodus” of money from high tax to low tax states. He said New York is losing $7,100 a minute in income to Florida. And anecdotally, there is plenty of evidence that the wealthy are just not going to take it anymore. Golfer Phil Mickelson spoke for many pro athletes when he said he was “going to have to make some changes” after California‘s tax hikes. http://www.cnbc.com/id/101230445
If you want more proof, Google what happened to France when they decided to “tax the rich”. Not only do the rich leave states with excessive taxes, they leave countries.
Since the Illinois GOP is almost non-existent, the Democrats can slam this tax through the legislator. Gov. Quinn will be more than happy to sign it, he can then declare that he is for the middle class. The Illinois death spiral will continue as the middle class finds themselves unemployed.
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Add that to Renner and Hales wanted tax increases and then like Renner says, “It’s a no brainer.” People will move from Bloomington as well and not just the rich. This town is becoming too tax happy. It stinks!
Also, I have seen quite a few articles in the Wall Street Journal explaining the math behind “tax the rich”. The dem’s dirty little secret is that the rich simply don’t have anywhere close to enough money to fund everything the dems want even if the income tax rate is 100%.
Good point.