Tuesday, June 15, 2010

America's Wealthy Fleeing to Low Tax Havens

An article in Forbes reports that the richest Americans are fleeing eight states that have targeted wealthy households with higher income tax rates, including California and New York, and are flocking to areas with warm weather, affordable real estate and low or non-existent state income taxes. Who would have thunk it? The result, of course, is that states such as California, which have passed income tax increases to try to reduce their budget deficits. will instead see their tax bases decline and their tax revenues further reduced, while the low-tax jurisdictions will prosper. Will the last person out of California please turn out the light?


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