economy
Blue-state musical chairs: The wealthy walk away, and the rest foot the bill
At a Seattle University forum last month, Mayor Katie Wilson delivered what may go down as the most economically illiterate applause line of the year. Asked about millionaires fleeing Washington over the state’s new 9.9% income tax on earnings above $1 million, the self-described socialist waved her hand and said, to cheers from the crowd, “I think the claims that millionaires are going to leave our state are, like, super overblown. And if — the ones that leave, like, bye.”
TL;DR
- Seattle Mayor Katie Wilson's comment about millionaires leaving the state being "overblown" and saying "bye" to them drew significant criticism.
- Progressive taxation in blue states like California, New York, and Illinois is leading to an exodus of wealthy individuals and their capital.
- California's proposed wealth tax has already seen billionaires depart, with projected revenue significantly lower than initially promised.
- New York and Illinois have experienced substantial net losses of tax filers and adjusted gross income due to tax policies.
- Driving away high-income earners and job creators ultimately harms middle and lower-income residents who depend on the tax base.
- The author suggests lowering tax rates on work and investment, alongside spending discipline, to stimulate economic growth.
- Voters are urged to hold politicians accountable for policies that negatively impact the tax base.