signalsTax The Rich...
September 25th 2009 10:58
New York State decides that the best way to deal with all its problems is to raise taxes on everyone and everything. New York may soon see a 'millionaire tax' to do what has been considered a form of justice by many, that is to say tax the rich. A song by Ten Years After states to "...Tax the rich, feed the poor, until there are no rich no more...!"
Sometimes what might seem like a solution may actually widen the State's budget gap. Especially when millionaires move out of the State and go elsewhere! This means that others who are already being heavily taxed will have to pick up the burden in this slumping economy. Add to the equation that the rich that leave take with them hundreds of thousands of jobs.
Although many had thought that California might have been the first state to collapse, it now seems that New York State may be holding on by a thread.
Sometimes what might seem like a solution may actually widen the State's budget gap. Especially when millionaires move out of the State and go elsewhere! This means that others who are already being heavily taxed will have to pick up the burden in this slumping economy. Add to the equation that the rich that leave take with them hundreds of thousands of jobs.
Although many had thought that California might have been the first state to collapse, it now seems that New York State may be holding on by a thread.
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Comment by katyzzz
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It's time we ditched 'globalisation' it just makes the wealthy even more wealthy, generally unscrupulously and exploitatively.