California Governor Gavin Newsom confirms his opposition to the newest wealth tax proposal in Sacramento. (Photo credit: Gage Skidmore)
Some moderate staff want President Trump to break his campaign promise of across-the-board permanent Trump tax cuts. They want Republicans to impose a tax hike on small and mid-sized businesses that are vital employers in every town in this country.
The tax hikers are calling it a “millionaires tax” — a new or higher top income tax rate dreamed up by Kamala Harris.
So let’s take a look at the four states that impose a “millionaire’s tax” and see how they are doing.
The four states with a “millionaires tax” are: New York, New Jersey, Massachusetts, California. All four are deep blue states dominated by radical left progressives.
They rank dead last in the U-Haul growth index. Residents are fleeing these states in droves.
In fact, the four states rank perfectly dead last in the U-Haul growth index. U-Haul tracks the net gain or loss of one-way moves for all 50 states.
Look who is ranked in the basement, literally taking up the bottom four spots: New York, New Jersey, Massachusetts, California, as shown in a screenshot from the Index:
The ten best performing states in the U-Haul index all have significantly lower income tax rates than the index’s ten worst performing states:
Average Top State Income Tax Rate for U-Haul Top 10: 2.6%
Average Top State Income Tax Rate for U-Haul Bottom 10: 7.3%
They rank in the absolute bottom five in the Tax Foundation State Business Tax Climate Index. Massachusetts is ranked 46th, California is ranked 48th, New York is ranked 49th, and New Jersey is ranked 50th, as shown in a screenshot from the Index.
They rank among the top 10 most expensive states in the nation. California is ranked the 2nd most expensive state, Massachusetts is ranked 4th most expensive, New Jersey the 6th most expensive, and New York the 7th most expensive.
They have terrible rankings in the Freedom in the 50 States Index. In the “Overall Freedom” ranking — a combination of personal and economic freedoms — New Jersey ranks 47th, California ranks 48th, and New York ranks 50th. Massachusetts ranks 26th (what color ribbon do they get for 26th place?)
They are projected to lose five electoral votes after the 2030 census. California is projected to lose three electoral votes and New York is projected to lose two.
Does a “millionaire’s tax” sound like a policy that should be emulated on the national level?
Does a “millionaire’s tax” sound like a policy that will help America beat China?
Thankfully, President Trump campaigned on permanent across the board Trump tax cuts for all.
