October 27, 2009

Capital Flight In Action

Tax refugees staging escape from New York
More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country. The vast majority of the migrants, 1.1 million, were former residents of New York City -- meaning one out of seven city taxpayers moved out.

What's worse is that the families fleeing New York are being replaced by lower-income newcomers, who consequently pay less in taxes.

Naturally. Not only do they pay less in taxes, but some of them are paying a lot less in taxes than they use up in government largess, which makes the tax revenue effect larger than the raw numbers would suggest. Why, you'd almost think they had monetary motivations...

Hey, I told you so.

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