Thursday, October 07, 2010
The rich don't pay, they leave - John Stossel
Higher taxes almost always create less income for the government.
One of our political parties can't seem to understand that...
One of our political parties can't seem to understand that...
John Stossel recently wrote about it at WND.com and included this example:
"New York billionaire Tom Golisano isn't stupid, either. With $3,000 and one employee, he started a business that processes paychecks for companies. He created 13,000 jobs.
Then New York state hiked the income tax on millionaires.
'It was the straw that broke the camel's back,' he says. 'Not that I like to throw the number around, but my personal income tax last year would've been $13,800 a day. Would you like to write a check for $13,800 a day to a state government, as opposed to moving to another state where there's no state income tax or very low state income tax?'
He established residence in Florida, which has no personal income tax.
Now New York Gov. David Paterson may have even seen the light.
'We projected that we would get $4 billion, and we actually got well short of it,' he says."
