According to a recent report, it’s not uncommon to look at the one-year losses and gains of income from internal migration such as taxpayers fleeing New York for Florida, but that fails to capture the long-lasting impact: The migrant’s income is lost (or gained) year after year for the rest of his or her life.
This new report used Census and IRS data to calculate the cumulative impact; it finds that New York state has lost more than $500 billion in resident income over the past 10 years, while New Jersey has lost $170 billion.
Nearly 2 million New Yorkers have moved away this past last decade; New Jersey has lost 500,000 residents to other states. New York has lost the most income of any state — and only California and Illinois have lost more money than New Jersey. The folks who’ve fled (especially to low-tax Texas, Florida, Tennessee and so on) don’t spend in New York or New Jersey, while the states lose billions in taxes.
So - how do those States losing so much tax income fix their problems? Easy - the jerkoffs raise taxes on those people who are either too old, too poor or too committed to family and jobs to escape the madness. It's a fuckin' death spiral and we/they all know it, but they just keep digging the hole deeper.
What was that old adage about the defition of insanity? I forget...
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The definition of true insanity is doing the same over and over and getting different results!
ReplyDeleteIt is OK to lose their tax-base. They'll just raise taxes on those st.p.d enough for for for this.
ReplyDeleteNJ, NY, it's going to get worse but look on the bright side. YOU FUCKING VOTED FOR IT!
ReplyDeleteThe crime problem in NY, NJ could be handled if their legislatures would just pass some simple, commonsense gun control laws. (And by "simple, commonsense" I mean "repealing 99 percent of the laws on their books.")
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