The first common-sense fact is that if you tax the hell out of the rich, they will usually move to another tax-friendly state. But some are so rich that they may even leave the U.S. until the tide changes.
So what happens to the coffers after the rich leave? Unemployment, other businesses following suit, until a common sense politician wins, but for the state of New York, it would take turning the state red. The Democratic Socialists are loud and have unlimited funding from those who hate our ideology and want us to be like Europe. Not here, not now, not ever. All IMO.
“There they go, Zo!
Hedge fund titan Ken Griffin revealed this week he’s scaling back jobs in the Big Apple as a “direct consequence” of Zohran Mamdani’s “tax the rich” antics — stoking fears that the well-to-do are starting to flee the socialist mayor and taking their cash with them.
Mamdani poked the bearish billionaire in a recent social media video that used Griffin’s record-breaking $238 million Midtown penthouse as a backdrop to drum up support for a proposed tax on luxury second homes in the city.
An appalled Griffin first threatened to scrap a $6 billion Park Avenue development for his Citadel hedge fund, then told CNBC on Tuesday that the “creepy” video spurred him to expand his firm’s hub in Florida.
“We will add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor’s poor decision here with respect to his posting of that video,” Griffin said.”