Also in this playlist...
This transcript is automatically generated
People move -- adjust that financial behavior when tax rates go off is that true.
Let's bring in the man with the evidence of him growing it's -- Fox News contributor festival.
Do all people leaving the United States does that mean this is international tax migration is that happening.
It is happening Stewart last year about 18100 people left the United States renounce their citizenship and went overseas.
And what for various reasons but a big impetus behind this was complicit look.
I pay enough taxes sick of this on the -- some moral certainty Mormon money 18100 people us not exactly a flawed but it's up from previously is it's up up from producers enemy may continue to go up and I think part of it is the higher taxes.
And also is hectoring about well you're not paying your fair share how dare you and I think that.
A lot of the negative rhetoric on -- primarily from President Obama and his allies I think a lot of that is when -- people say fine I'm not euros were elsewhere -- -- treated better all right let's bring in the in -- migration.
-- could you say that it is a flawed of people leaving high tax states to know all -- tax things.
Can you go that -- -- says a flood.
-- not a full a full -- I'd say it's a pretty swift river.
Good what they -- there's a book called how many walks -- Travis brown which I contribute contribute chapter came out very recently.
And that he found in his research between 199520102.
Trillion dollars -- of wealth packed up and left.
High tax states like New York California Illinois and went too low tax or no -- tax states like Nevada.
Texas and Florida.
And -- -- people packing up and generally moving to southern states where taxes are lower in the they go -- be put their money they take their jobs with them.
And people appear in the high tech state suffers accounts debit -- recently.
I mean California just imposed -- thirteen point 3% state tax rate at the highest level upper income.
I would have -- that that would really encourage our migration of people leaving California and -- Rick Perry.
Governor of Texas but he's in California absolutely these -- he's saying come on over come on already come out -- -- so -- -- do you that you mentioned.
Two trillion dolls with of wealth until 08.
He's back and become law.
Now I think you'll see more more I mean great examples Phil Mickelson who lives in California and just a couple weeks ago said look I think gonna make a major change -- I can't take this anymore.
Out of every dollar he makes as a professional golfer he keeps 37 cents 6063 cents go to the government is that a fair share you'll keep 37 cents of the dollar.
And so you may pack up and leave a California Tiger Woods left to believe.
-- -- 9696.
What's gonna go to Florida lot of these people go to floor because there's I would have to all the states like California and atonement as the house.
You can't just walk away you can't do that would go impose some kind of an exit -- an exit tax that's possible isn't.
It's a target possible mean I would describe this is sort of like financial barbed wire you know put the put financial barbed wire on the state if you if you dare run across the barbed -- gonna grab some money -- -- pocket for relief.
And there's something to increase it to radical about the sort of thing.
Ultimately counterproductive if you want more money for public services you raise taxes the point -- rich people leave they take their money.
And you find -- revenues actually go down captured Brent what's more money for whatever is.
Hi tech -- high speed rail or whatever I consider lowering taxes letting people will -- stay there and attract more people and Rick Perry has a budget surplus is gonna give back.
The people they're cut taxes there's more revenue and -- gonna give some of -- back the taxpayers as he's not able to spend it.
I think -- message falls on -- is completely deaf ears let's find out about it -- in New York -- All right drawing -- always a pleasure thank you sells is nor.
Filter by section