During his latest "My Take," "Varney & Co." host Stuart Varney discusses the ongoing blue state exodus as governors raise taxes amid growing budget deficits, arguing people are leaving Democratic-led states and "taking their money with them."
STUART VARNEY: Wherever taxes are high, there’s an exodus. People are leaving blue states in record numbers. They are taking their money with them. This is a trend that we’ve been covering for years.
Well now, this exodus is speeding up, and blue state governors are near panic.
But they have learned no lesson.
Faced with growing budget deficits, what do they do? Yes, you guessed it, they’re raising taxes.
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According to a study by Art Laffer and Stephen Moore, California, Illinois, New York and Washington state are all proposing new taxes on wealth.
Connecticut, Maryland and Massachusetts are proposing higher taxes on income.
Think about that: New York City, the local and city tax rate hits over 14 percent. In Miami? 0 percent. In California, the top income tax rate is over 12 percent. In Dallas, 0 percent.
Moore and Laffer show that in the last 10 years, these 7 states have lost a quarter trillion dollars worth of income.
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Higher taxes will not bring it back!
It often feels like there’s a national divide that is growing. It’s not just a political divide: Blue states, Democrat. Red states, Republican.
No, there’s more to it than that. So many things in blue states are different from red states. Taxes, education, crime, guns, employment, and most important of all, that sense of individual freedom.
Last month, Representative Marjorie Taylor Greene suggested a "national divorce," where red and blue states would live under completely different economic and constitutional arrangements.
It sure looks like we’re going in that direction…
