(Shumlin needs to hear this one over, and over, until he gets it. – promoted by JDRyan)
The Wall Street Journal blogs, no friend of taxation on the rich, reports on a study of New Jersey’s rich folks and when and why they might move.
The study, by sociologists Cristobal Young at Stanford and Charles Varner at Princeton, studied the migration patterns of New Jersey’s millionaires before and after 2004, when the state imposed a “millionaire’s tax” that raised rates on those earning $500,000 or more to 8.97% from 6.37%.
The study found that the overall population of millionaires increased during the tax period. Some millionaires moved out, of course. But they were more than offset by the creation of new millionaires.
Somebody oughta tell Governor Shumlin, quick! And Shap Smith, and Lucy Leriche and John Campbell, and Hinda Miller and …
He’s not stupid. Didn’t the “Blue Ribbon Tax Panel” debunk that one? What next, “We need to cut taxes for the rich because they create all the jobs!”?
Good one at HuffPo on this one:
http://www.huffingtonpost.com/carl-davis/the-millionaire-migration_b_843380.html?ref=email_share
It’s stunning that Shumlin refuses to take this one on. He’d have the most respected economists, the vast majority of Vermonters and probably the majority of all Americans on his side if he did. The disconnect does him no good.
Many hours ago. So far he hasn’t retweeted. I might have to send him a sternly-worded letter instead.
We all knew this was bunk before the study, but I’m glad we have it for ammo. Sadly, it’s hard to shake articles of faith with fact.
… unlike New Jersey, we’re right next door to the low-tax haven of New Hampshire. And, erm, Florida. I guess.
So says Gov. Millionaire, anyway.
that a tax on the rich would be pro-regressive and until they could afford to move they would have to drive to NH for their booze and cigarettes.
That data already exists showing Vermont politicians’ supposed “highest taxes in the land” mantra hasn’t stopped wealthy people from coming to Vermont. In fact, the influx outnumbers the exodus.
It’s sad but soon Vermont will be able to draw people in with this slogan. “Vermont: We Have Collective Bargaining Rights.”