High tax states paying a BIG price for decades of economic incompetence: Stuart Varney

By OpinionFOXBusiness

Varney: New York is paying a big price for its economic incompetence

FOX Business' Stuart Varney’s on billionaire investor Carl Icahn reportedly moving his hedge fund to Florida.

Carl Icahn is leaving New York and he's taking most of his employees with him. They're re-locating to Florida.

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The high tax, largely Democrat run states, like New York, are paying a big price for their decades of economic incompetence. It’s a modern day exodus and it’s becoming a flood. The rich are leaving in droves, taking their money with them. There are some who say "good riddance," but more sober Democrats are quietly very nervous.

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Carl Icahn is Mr. New York. He's lived and worked here all his life. He owns homes and runs his business here.

There's a stadium named after him. There's a medical center named after him. He's worth over $17 billion and he's heading south.

In messages to his staff, he says he wants a quieter life in a warm climate. And he's reportedly told associates, it is taxes that are pushing him out. Other big names, David Tepper and Paul Tudor Jones, have already gone.

You can't blame them. If you make good money in NYC, you will lose 60 cents on every extra dollar you earn. And you're living in a city where the mayor has no time for you at all. In fact, he wants you to pay even more.

And so does the governor of New Jersey. And so does the governor of Connecticut. And so does the governor of Illinois: Democrats all. And if any Democrat wins the 2020 election, they'll go after everything you've got left.

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It's pile on the rich time -- it’s all their fault. Take their money and you can solve every problem.

What nonsense. If tax to the max was a success, high tax states would be booming, but they're not. It is low tax, Republican states that are growing fast: Texas and Florida. 

There is no sign this is changing. We have yet to hear any Democrat at the state or national level suggest a tax cut of any kind.

Meanwhile, Mr. New York is packing his bags. He will leave New York in March 2020. Next day, he opens up in Florida.

He won't miss a beat, but New York will surely miss his money.

What do you think?

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