Rush Limbaugh: Now, remember Mayor Bloomberg, who opposed this at one point -- I don't know where he stands on it now, but Mayor Bloomberg way back -- said (summarized), "Look, we got eight million people that live here, there are 40 or 50,000 taxpayers -- families, what have you -- that pay so much in tax that they essentially support the city -- and if they start to leave, we've got a big problem." He said, "Even if 5,000 of them leave, we've got a huge problem. We just can't run out there and keep raising taxes on the rich." The governor, Mr. Paterson, didn't hear him. "It's not just people earning over $500,000 a year that are going to get hit. A lower-tier tax increase would increase taxes by 14-1/2 percent for single people between 250 and $500,000 a year, and for married and joint filers earning 300,000 to 500,000. Taxpayers now hit the current top rate of 6.85% when their incomes reach $65,000. The Paterson plan would tax top-tier earners at 8.97%, the second-tier earners at 7.85%.
I know, I know--it's more difficult to up and leave America than NYC. But the rich don't have to leave, necessarily, to achieve the same result. If a few of them decide to simply "Go John Galt", the effect will be the same.