President Trump announced that he has taken steps to change his state of residence to Florida. Presumably this was because it has no state income or inheritance taxes. Trump is hardly alone. The biggest migration from one state to another is New Yorkers heading to Florida.
Governor Andrew Cuomo echoed the thoughts of many New York Democrats when he said “Good riddance”. New York Mayor Bill de Blasio sent condolences to the state of Florida.
Soaking the rich is very much in fashion in Leftist circles. Elizabeth Warren recently said that only billionaires will pay more taxes under her healthcare proposal.
There are two problems with this idea. There aren’t enough of them. Taking every dollar they had wouldn’t begin to cover the cost of Warren’s plan.
They also assume that the rich won’t alter their behavior when their taxes rise. Many people are fleeing high tax states. I have a friend in Idaho. He said there is a building boom going on because of the large number of arrivals from California. At least New Yorkers have electricity.
It seems interesting that a poor liberal would be welcomed to New York while a rich conservative would be treated with contempt. Margaret Thatcher said “The problem with socialism is that you eventually run out of other peoples’ money”.