Episode Details

The exodus from Democrat run states and cities continues to increase as they triple down on policies of increasing taxes and regulations. This phenomenon does not happen just in the U.S., it is also affecting places like the U.K. There is nothing that will kill an economy faster than exceedingly high taxes and regulation. This episode goes through a series of articles from Fox Business, CNBC, The Epoch Times, and Investopedia showing how states like Washington and New York continue to increase taxes on the wealthy that are leading to an exodus of people and companies. Some of the topics include Uber co-founder leaving California for Texas, Apollo opening second HQ in Florida, Los Angeles leads nation in massive exodus, and Jamie Dimon believes this problem will only get worse unless lawmakers change policies. New tax policies include billionaires’ tax in California, marriage penalty tax in Washington, Massachusetts town proposed 50% property tax hike, and New York second home tax. The side effects of these tax policies include California losing advanced industry companies, and towns in New Jersey see a spike in home sales and values as middle class gets priced out by the wealthy fleeing New York. To make things worse New York Mayor Mamdani is also proposing a global wealth tax. All the news is not bad as Democrat policies have created the ‘boom belt’, an 11-state region in the southeastern U.S. This region has absorbed 70% of all U.S. population growth in the last five years and has a GDP of $9 trillion. In addition, there are nine states in the U.S. that do not tax capital gains and eight states that do not tax personal income.