Whoda thunk it?
This year, the deep pockets of New York's rich were tapped like never before. The state's wealthiest pay new higher income tax rates, higher taxes for limousines and yachts, more to enter a horse in a race and more to dabble in real estate.
Meanwhile, many are losing millions from the closing of business tax loopholes and those making over $1 million are losing tax deductions others get.
Now, early revenue figures suggest that taxing the wealthy more under this year's state budget may have driven away richer New Yorkers. That could make the economic comeback for the state even harder.
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According to the Manhattan Institute, the wealthiest 1 percent of New Yorkers paid 41 percent of all state income taxes before the new tax rates were approved.
``It's not just who leaves,'' said the institute's E.J. McMahon. ``It's who doesn't come here? Who doesn't start a company here? Who graduates from Columbia and decides to start up a business in Philadelphia so they don't have to share their money with Albany?''
Instead of going to Asia, maybe Gov. Daniels should just do some outreach in states like New York and California: "Come to Indiana, and bring your company, too. We're not insane here!"
