Member-only story
The solution to every city and state budget problem is to lower taxes.
The solution to every city and state budget problem is to simply lower taxes. But they won’t do it.
I read the other day that the New York Stock Exchange floated the idea of leaving New York.
Think about that.
I asked myself why in the world would the NYSE leave NYC?
The reason in this case is because legislators in New York (who produce nothing) are looking for new sources of tax revenue to fund their programs because they’re losing tax revenue elsewhere. People and companies are leaving. The Legislators in NY are looking for money, and revived the idea of a “stock transfer tax”.
This is yet another tax that produces nothing of value and only puts more pressure on the people paying it to look for other paths to avoid paying the tax.
But it’s worse than that.
a.) For some reason politicians and legislators think that if they pass a law to raise taxes on something, the people or entities hit with paying those taxes will just sit there and take it without looking for a way to avoid it. And thus, the idea of the NYSE maybe one day not being in NYC is born. After all, who says it has to stay there if Florida or some other state makes them a better offer?
