Some People Just Never Learn
8th February 2010
“In 2004 New Jersey was one of the first states to adopt a ‘millionaires’ tax, imposing an 8.97% rate on income over a half-million dollars,” Forbes reports. The consequence? “In all, the state suffered a $70 billion net outflow in wealth from 2004 through 2008, compared with a $98 billion net inflow in the prior five years.
My, what a surprise. Aren’t you surprised? I’m sure surprised.