Thursday, January 14, 2010

Conservative Quote of the Day

"The liberal "progressives" (mainly Democrats) who dominate politics in New York, California, New Jersey, and Michigan, target the "rich" on grounds that they have the ability to pay more in taxes. They (the rich) also have the ability to leave that state as they are doing in droves. In N.Y. from 1997-2006 (the latest statistics), the State lost 409,000 people. For every 2 people who moved into the State, 3 fled.
I wonder why"?

Submitted by Chuck Lehmann

Comment by James J. Pirretti:
You are 100% correct on how the tax the rich scheme works.

New Jersey, my former state, enacted such a tax in 2004. The tax was pushed by unions as a cure-all. In four years tax revenues fell so much that NJ had to cut spending by more than $3 billion in 2009 despite getting a $2 billion stimulus package from the U.S. government.

Maryland enacted its tax on the rich in 2007. In just two years revenues fell so drastically that the state made severe budget cuts. The state's comptroller was quoted as saying that there was a substantial decrease in the number of tax returns showing income of over $1 million. What happened? Could it be that Maryland's millionaires left the state?

Similar fates have happened to Ohio and California, two other high-tax rate states.

However, the mantra of "tax the rich" has such an appeal to Democratic politicians that they seem incapable of seeing what these idiotic tax policies do to the state.

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