Ed Dvorak, Published February 24 2011
Where do rich live? AnywhereGov. Mark Dayton is asking Minnesota’s top 5 percent of earners to help erase a $6.2 billion deficit. His plan to tax the rich would give Minnesota the highest state income tax rate in the nation. Dayton’s plan seems to be pitting the masses against the top earners.
Pursuing this folly will produce greater revenues the first year, but will then fall to a new low the second year. After the “rich” recover from the tax impact of the first year, many would say: “We’re out of here!” History has demonstrated this to be true elsewhere. After this exodus, who takes up the slack? You and I do.
So, where do the rich people live? The answer is anywhere they want.