For some reason, states that try taxing the rich, or following any socialist policies for that matter, see the greatest losses of wealth and people, and economists can’t figure out why.
Take California for example. California is run fully by democratic socialists and progressive Democrats now. The weather is the nicest in the country. it’s always sunny. And they have among the top 3 most socialist policies of any state in America. Yet people are still fleeing by the millions.
California enjoys free state healthcare to those who need it, very generous taxes to fund public schools, regulation and government oversight of all industries to ensure no industry is allowed to be free market capitalist and exploit consumers, and heavy taxes on the rich and wealthy, generating billions of dollars a year for the state. But oddly, the more progressive the state becomes, the worse the homeless rate and poverty gets, and the more people move out of the state.
Illinois is in the same boat, and people there are perplexed. Illinois has followed a very progressive Democratic tax policy. It taxes any and all wealth generated both in the form of high property taxes, on income, and on corporations. For some reason, jobs are continue to leave the state and poverty and homelessness increase. The state is thinking of new and more creative ways to generate revenue, because even though they follow a very progressive model of government, they still have no money.
Then there’s New York. Good ol New York. New York was once the Empire State for a reason. It was the economic powerhouse of the world. Sharing the wealth started in New York, and they’ve implemented so much government schooling and wealth taxes since then. But it just keeps getting harder and harder to make a living there now. It’s perplexed the politicians of the state. They don’t understand what they’re doing wrong. Governor Cuomo thinks he has the answer though. It’s the cold weather.