If you want more of something, subsidize it. If you want less of something, tax it. It's a pretty simple concept in both principle and practice.
Thus, it should come as no surprise that when you tax "the rich," especially in a punitive and disproportionate fashion, you get fewer of them. "Progressives" (liberals) want to deny this -- and pretend there is no dynamic consequence to their tax decisions.
Thus, COAST welcomes a new study from an anti-tax group in Maryland, Change Maryland, that says wealthy Maryland residents fled the state following a 2007 6.25% surtax on incomes in excess of $1 million.
Hey, there aren't more than a few COASTers with incomes in excess of $1 million per year, so as a matter of pure self-interest, we have no qualms with "sticking it to the man." The problem is "the man" has a plane, a boat, a car and a moving van, and can much more easily leave the state than us ordinary working schleps.
The tax cost the state 31,000 residents and $1.7 billion in
lost tax revenues. The wealthiest counties had the most residents leave.
Read about the study here at CNBC. And, to those who think that our solutions lie in taxing the rich, get a clue!