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It's a bitch being rich.
And now an even bigger bitch for those taxing 'em.
Pardon my blunt language, but here's my blunt deal.
You can tax 'em, but that doesn't mean you'll be getting any more money from 'em.
Because if New York state is any example, sticking it to the rich doesn't mean the rich can't come back and stick it to you.
The New York Post reporting more than 1.5 million state residents became "former" state residents.
It's been going on since 2000. But it really picked up steam in just the last couple of years.
Plain and simple.
Taxes going up. The folks getting hit heading out.
And these are folks most states wouldn't want to lose.
In New York City, the average taxpayer who left earned more than 93-grand a year.
The average statewide mover-outer? More than 72,000 bucks.
Those are pretty big incomes.
And for the state, it amounted to a pretty big hit.
During 2006-2007, try a $4.3 billion hit.
That's how much revenue this migration flow cost the Empire State.
Which proved a boon for other states, namely low or no tax states like Florida, which scooped up a lot of these fiscal wanderers.
So the moral of this story?
Raising taxes doesn't raise revenues.
It loses revenue-makers.
I'm not talking about the Rush Limbaughs, who get fed up and leave their penthouses in the Big Apple.
But those who aren't nearly so wealthy but are taxed to death as if they are.
And as Washington looks at surtaxes on the rich to pay for healthcare, on top of higher taxes on the rich to pay for stimulus, and the IRS audits the rich perhaps to drum up more dough for a lot more spending.
Maybe time to see this age-old tax-the-rich argument for what it is...Spent.
We tax 'em to hell, and the deficits only get more hellish.
Will they ever learn?
Because I have a feeling what happens in New York isn't staying in New York.
It's gone viral.
And the rich are leaving town as if America itself has become...A virus.
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