Driving out the wealth
Fox Business reported recently that 5,700 millionaires left the New York City-New Jersey area in 2018 because of high taxes. And that number could increase in 2019 because many “progressives” are calling for even more tax increases.
If they get their way, the competitive nature of those areas will decrease even further. Since high taxes shrink the tax base, in many cases we have reached the point where raising taxes is counterproductive.
Unfortunately, this lesson has not reached Rep. Alexandria Ocasio-Cortez, the newly elected Democrat Socialist congresswoman from New York City or Sen. Bernie Sanders, the socialist from Vermont.
They are proposing even higher taxes for America. If such radical actions are implemented, the result will be equally bad for our entire nation.