NY Again Going After Millionaires

In an attempt to help close the state’s massive budget deficit, a source says NY Assembly Speaker Sheldon Silver wants to push through a tax hike on millionaires.  But in an era when wealthy people are very mobile, another predatory tax hike will likely result in lower revenues, as affected taxpayers get fed up and leave the state.

This post from exactly one year ago discusses Maryland’s experience with such tax hikes.  And there’s a link to a previous post about New York scaring away the wealthy.  NYC Mayor Michael Bloomberg understands that wealthy citizens already shoulder an inordinate burden in high tax states like  NY.  He is on record strenuously opposing more punitive taxes.

The philosophical War on Success has severe implications for our country’s long-term future.  But the War on the Wealthy playing out in many jurisdictions  may very well lead to bankruptcies or bailouts from New York to Los Angeles.  We must hope it is as ineffective as the War on Poverty.

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