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New York is faced with swelling budget holes as a result of the coronavirus pandemic, and the state’s governor is concerned the state's financial situation may get worse if the city’s wealthiest taxpayers leave for good.This week, the state’s Democratic governor Andrew Cuomo voiced concern that the longer work-from-home policies are in place, the less likely it is that people who have left the city will return.“In the old days we used to talk about people leaving Manhattan if the situation got bad, if taxes went up, if quality of life deteriorated,†Cuomo said on a call with reporters Thursday. “They left. They left because of COVID.â€
The successful are leaving.The point is that our most prolific taxpayers are leaving. You see, it's this natural response of the successful, to the problems that our government is creating for them, that represent a ticking economic time bomb, for the rest of us and indeed, for the entire US economy.So I ask you, considering all of the attacks on success, should we then be surprised if our top-earning taxpayers, facing an untenable situation, take the only legal route left open to them, for protecting everything for which they have worked so hard? Now, I'm not asking if you think that their actions are right or fair - only if we should be surprised, when people who are attacked, take the only remaining legal way out?It's the same thing that's happening with Californians, moving to other states, but on a national level. Government created conditions in California have become so punitive that many of those who can afford to leave, are moving themselves and their businesses to other states. Of course, as we are all seeing, that exodus of wealth only serves to make matters worse for those who remain in California.But while the main-stream media is making a big deal about people moving from California, to other US states, they're ignoring the fact that large numbers of wealthy US citizens are leaving the USA for other countries that offer the kind of freedoms that we used to have.Many of our most productive citizens have already reached what I call their "government abuse threshhold" and chosen expatriation, as their last remaining legal option for protecting all that they have worked so hard to acquire. We're talking about ordinary people, who are just trying to protect what they have earned, just like the people leaving California.However, besides punitive levels of taxation on upper income earners, there are many other governmental assaults on success. The USA Patriot Act, two-thirds of which has absolutely nothing to do with fighting terrorism, created numerous privacy and financial problems for all Americans. While the Patriot Act seriously hurt the rights of all US citizens, it was the successful, whose rights were impacted most.Other oppressive measures, aimed at top taxpayers were hidden in other unrelated bills, such as the Homeland Security Act, the Health Insurance Portability and Accountability Act, to name just two of the worst. In fact, before George W. Bush left office, he signed into law, the first ever US "Exit Tax" (hidden in the benign-sounding, Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART) - H.R.6081 and today, we're looking at the complete government takeover of healthcare, which will be paid for on the backs of our most productive citizens... well, at least on the backs of those productive citizens who remain.It can't be denied. Successful Americans see these measures as direct assaults on everything for which they have worked so hard and they are leaving the USA for more wealth friendly climates, at the highest rate in history.
