It is really no surprise that successful businessmen like billionaire Tom Golisano decided to leave New York for tax-friendlier states like Florida this year (“Wisdom of taxing rich questioned,” Sept. 24).
It’s not just the 2 percentage point hike in New York’s income tax that is causing these successful businessmen to leave. That may have been the straw that broke the camel’s back, but the state’s overall tax system has become seriously uncompetitive with other states over time.
Eventually the weight of repeated tax hikes becomes too much for people, causing more of these mobile millionaires to leave. By punishing New York’s most successful citizens, policymakers will continue to drive much-needed capital out of the state.
Legislators need to realize that high taxes don’t just redistribute income; they redistribute people.
Budget and Tax Legislative Specialist
The Heartland Institute; Chicago, IL
This letter to the editor was originally published in the Albany Times-Union.