America has long shown the world that competition between businesses drives growth, technological innovation and new investment. That is how we became the most prosperous nation in the world.
New York and California lost over $90 billion in income during Covid as taxpayers moved to other states, accelerating the trend of high-earners relocating to lower-tax areas.
Silicon Valley billionaires: the grass may not be greener in Texas for much longer. California lawmakers are considering a "wealth tax" that would not only introduce a 1.5% tax on net worth in excess of $1 billion by 2024, but also allow the state to pursue that tax for former residents who flee the state for tax-friendly locations like Florida or Texas.
Two congressional Democrats are pressing the Internal Revenue Service for more details about why the audit rate for the lowest-earning households has nearly doubled in the past year, in face of pledges by President Joe Biden to restrain such examinations.
