Trump leaving New York just the beginning, as soon all wealthy Americans will flee high-tax, high regulation states

The Democrat Left loves to hate on American corporations and “the wealthy” — millionaires and billionaires — because it’s politically empowering to demonize a small group of people in order to win votes from a much larger one.

But the fact is, poor people and middle class folks, generally speaking, don’t own businesses and companies. They don’t hire people. And they don’t pay much in taxes.

In fact, according to a December 2013 CNBC article, “the rich” don’t simply pay most annual federal income taxes, they pay all of them.

And again, that’s just federal income taxes. It doesn’t count what they shell out in payroll taxes, social security taxes and contributions, and state taxes.

The Democrat Left truly does use the power of government to extort people of means, and that, of course, includes President Donald Trump, a real estate tycoon and billionaire hotelier prior to entering the White House.

And like so many other Americans of means, the president announced on Friday that he and his family are leaving their home state of New York because it has become overbearing in terms of taxes and regulations.

In a series of tweets, the life-long Queens native said that, due to New York’s high taxes and the fact that the Left-wing lunatics who run the state and the city have been awful to him, he’s moving to Palm Beach, Fla. 

“I cherish New York, and the people of New York, and always will,” he wrote.

“But unfortunately, despite the fact that I pay millions of dollars in city, state and local taxes each year, I have been treated very badly by the political leaders of both the city and state,” he added.

1600 Pennsylvania Avenue, the White House, is the place I have come to love and will stay for, hopefully, another 5 years as we MAKE AMERICA GREAT AGAIN, but my family and I will be making Palm Beach, Florida, our Permanent Residence. I cherish New York, and the people of…..

— Donald J. Trump (@realDonaldTrump) November 1, 2019

….New York, and always will, but unfortunately, despite the fact that I pay millions of dollars in city, state and local taxes each year, I have been treated very badly by the political leaders of both the city and state. Few have been treated worse. I hated having to make….

— Donald J. Trump (@realDonaldTrump) November 1, 2019

….this decision, but in the end it will be best for all concerned. As President, I will always be there to help New York and the great people of New York. It will always have a special place in my heart!

— Donald J. Trump (@realDonaldTrump) November 1, 2019

As of last year, New York had the highest overall tax burden on residents (13.04 percent to include 4.62 percent property tax; 4.78 percent individual income tax; and 3.64 total sales and excise tax burden).

Left-wing states are going broke over their tax and spend policies

Other Left-wing states have large tax burdens on residents as well (Hawaii, Vermont, Minnesota, Connecticut, Rhode Island, Illinois, New Jersey, California, and Maryland are all in the top 15 most expensive tax burden states).

And these are states that are often experiencing a loss of population rather than an influx — New York chief among them. And where are they going? You guessed it: Florida.

Fox Business Network reported in August: 

According to a new study from LendingTree, which analyzed IRS data from 2016, Florida is the number one largest beneficiary from relocations out of all 50 states – by a landslide. On the flip side, New York lost the largest amount of adjusted gross income from migration, about $8.8 billion.

Another high-tax state, Connecticut, lost the most revenue as relevant to its economy — $2.6 billion. “Connecticut, Pennsylvania, New Jersey, Illinois and New York lost about half of their income from people earning more than $200,000 – indicating the wealthy were picking up and leaving,” Fox Business Network reported.

So if we extrapolate this trend out, what does it mean?

Simply, high-tax, high regulation Democrat-run states are not just losing residents, they are losing well-to-do residents, leaving the state with less overall revenue to pay for promised benefits and pensions. 

In short, these states are on a fast track to being broke if they don’t change their tax-and-spend policies.

And because they’re Democrats, they won’t; they’ll simply go belly-up and then whine about it to the federal government, where they will attempt to bilk all taxpayers for bailout money.

If Trump’s still president by then, however, we don’t expect they’ll have much luck. Not only that, but the American people won’t stand for having their pockets picked by free-spending liberals who couldn’t refrain from over-spending.

Read Revolt.news for more stories about Americans revolting against big, corrupt government.

Sources include:

FoxBusiness.com

CNBC.com

NewsTarget.com