Taxation can make people move
Sunday, March 03, 2009 Filed in: taxation
Mayor Bloomberg of NY City noted recently that the proposal to raise city taxes on the top 1% of income earners in the City threatened to LOWER tax revenue since the 40,000 or so people in NYC that pay about 50% of all taxes for the 8,000,000 people who live in NYC can always move away from the city leaving the city on the hook for all the social programs that the “wealthy” used to pay for. And why not move? What’s fair about 40,000 people being stuck paying the bill for 8,000,000?
This works at the state and federal level too where if you raise the tax rate too high on the so-called rich, the rich just leave the jurisdiction leaving the rest to either pay the then higher tax requirements or cut back on services. Legislators, Congressmen, and Presidents should think carefully before they chase away the productive members of society only to leave them ruling over the deadbeat citizens who don’t pay their share to operate the country.
This works at the state and federal level too where if you raise the tax rate too high on the so-called rich, the rich just leave the jurisdiction leaving the rest to either pay the then higher tax requirements or cut back on services. Legislators, Congressmen, and Presidents should think carefully before they chase away the productive members of society only to leave them ruling over the deadbeat citizens who don’t pay their share to operate the country.