Josh Sigurdson reports on the massive exodus of the states of New Jersey and California as state taxes skyrocket causing business owners, the rich and every day people to flee.
New Jersey lost 2 million residents between 2005 and 2014 earning a combined $18 billion in net adjusted gross income. 60% of these people fled to Florida where there is no state income tax.
Consider hedge fund billionaire David Tepper who moved himself and his business from New Jersey to Miami Beach saving hundreds of millions of dollars a year. Can you blame him? This is someone who earned more than $6 billion between 2012 and 2015. His moving alone caused a big problem for the New Jersey economy, a place where the governor recently abruptly froze state spending and hiring on the verge of a financial crisis.
But who do taxes affect the most? Small business and the poor. With massive regulations propping up massive government monopolized corporations and pushing smaller competition out of the market, there are more layoffs and less people becoming successful.
California has seen millions of people leave the state due to high taxes as well, with 50% of people in California polled saying that they want to leave.
This is a testament to the coercive, centralized actions of government. Isn’t it interesting that the places taxed and regulated the most under the guise of “helping the poor” tend to be the poorest? There’s no wonder why.
In this video, I explain the greater, more moral and logical alternative of free markets and the individual demand of the consumer in a competitive market. We don’t all have to be in servitude to debt and a massive coercive state apparatus.
Stay tuned as we continue to follow this issue!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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