California's new high tax bracket is 13.3% (54% adding federal rates). France elected socialists who tried to raise rates to 75% but the courts blocked it, for now. The point of no return has been reached for a number of high income earners who have finally had enough.
Phil Mickelson's house, built on 4.55 acres in Rancho Sante Fe, Calif., is on the market for $7,095,000. Sarkozy and Depardieu pulled up their tent stakes in France. Not just rich individuals but businesses also rabbit from toxic taxation.
The extra fun part is how left-wingers deny it happens. Sorta like the hit-and-run DUI guy that mows down a pedestrian blaming the brakes. And even if you don't believe people and business run from high taxes you can't argue with the Laffer Curve and the optimal tax rate predictor for diminished revenue returns.
Tax hikes lower revenue. But not right away. It takes a little time for people and business to make their exit. So the wealth-drain-lost-revenue effect is not immediate but inevitable nonetheless.
We who live in no tax states will take your unwashed wealthy and your jobs, junk bond California. Thanks in advance.
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