Exodus from high-tax states will become a flood: Varney
FBN’s Stuart Varney on the fallout from higher taxes in states like New York, New Jersey and California.
They are getting nervous. Lawmakers in high-tax states face an exodus of tax payers.
Big trouble: How does big government survive when the taxpayers who fund it leave?
Here's the story: It is very likely that the tax package will get rid of a deduction that is extremely valuable to high-income earners. So in states where taxes are high, the 1% will end up paying more. The Democrat claim that the rich get all the breaks is laughable, and wrong. In New York, New Jersey, California and elsewhere, they get a tax increase.
Now you may have no sympathy for them, but they are going to react: They will move. The exodus has been going on for years. It’s about to become a flood.
Good for high-tax states, the jig is up. Tax the rich won't work—they are going to move.
In already very high-tax New Jersey, the new governor wants to tax the rich even more! In a moment, you'll meet a leading Democrat from New Jersey, who has publicly admitted that he's worried.