Stuart Varney: Democrats' 'tax the rich' scheme is causing the decline of American cities
New York City cannot afford to lose billionaire tax money, Varney argues
Varney & Co. host Stuart Varney argues big American cities cannot afford to lose wealthy residents over the lefts tax the rich strategy.
During his "My Take," Monday, "Varney & Co." host Stuart Varney reacted to the number of billionaires fleeing Democratic-run cities, arguing the left's tax the rich agenda is part of the decline of American cities.
STUART VARNEY: Look what happens when you tax the rich to excess – they leave.
New York City is a prime example.
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In 2019, the city had 72 billionaires. Now it has 62, down 10 in four years.
Washington Commanders owner Josh Harris on the field before the game against the Chicago Bears at FedExField. Mandatory Credit: Brad Mills-USA TODAY Sports (Reuters Photos)
For the owner of the Washington Commanders, Josh Harris, Florida looked very attractive.
He left and took his $6.9 billion fortune with him.
Carl Icahn fled. He also took his $6.9 billion fortune with him. Hedge fund guy Daniel Och escaped with $3.6 billion.
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Florida has no state income tax or state estate tax.
In New York City there are city, state, and federal income taxes and an estate tax on top.
Why stay if you can move? Especially when local politicians like AOC are all in favor of taxing the rich some more.
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New York can't afford to see that money walk out the door.
Forty-two percent of all tax revenues in the city come from just 1% of the population. Exiting billionaires will really hurt.
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This is all part of the decline of American cities run by Democrats.
One day, maybe, voters will start to understand that you don't tax your way to prosperity.
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