Another Fat Cat threatens to 'Go Galt'

[supplysideeconomics]

7. Ya just don't get it

Millionaire examination of raised taxes on the rich such as New York State’s Millionaire’s tax, the revenues from those individuals actually decreased because those people left New York State to avoid tax hikes! Even Paterson admitted the failure of the Millionaire tax:

“Similarly, New York enacted a “millionaire tax” that raised tax rates on all residents making more than $200,000 a year. However, since New York implemented their so-called millionaire tax its state revenue has declined by 9 percent. According to New York Governor David Paterson:

We increased the income tax for millionaires last year. We projected that we would get $4 billion and we actually got well short of it. Tax the rich, tax the rich. We’ve done that. We’ve probably lost jobs and driven people out of the state.”

You missed Mr. Lizt message. We live in a global economy. He can be anywhere in the world at do buisness...tax the rich too hard and they will just leave. To your point of "so GO Galt". So where would you getting your taxes if the rich got up and left...from you? In Mr. Lizt's case, ( if his numbers are accurate) with CA tax he would be at 50% tax base??? So, your ok with the goverment taxing 50 cents of every dollar in your pocket? Why in the world would I create or keep a small buisness? So I can give away 50% of my profits even after paying for my employees??? I take all the risk and the goverement gets 50% of the reward?

Governer pattersons "millionaire tax" SHOULD have used as an example....They will just leave.