Trouble in the Glen — Ep. 29

Wow, Brendan Behan seems to be a one-man economic bubble. It’s funny, but this sort of thing really does happen. Back in 2016, one taxpayer moved out of my high-tax state, and he single-handedly caused the state budget to implode (The state legislature had to make a special budget amendment to cope with the loss).  The idea that the government could be milking this one guy so hard that a significant part of the government’s expenses is funded directly from his individual pocket should have been an indication that the system has a faulty design (in this case, spending way more than the state’s 8,700,000 other residents actually want to fund themselves).

(And for my European readers who note that some articles indicate NJ’s high tax rate is “only” 8.97%, note that that is the state income tax rate, there’s also a 39.6% federal income tax at that bracket and capital gains taxes on top of that — and, if the guy dies, there may also be estate and inheritance taxes, on those same earnings which had already paid out the other taxes.  Of course, if he actually buys anything with the money, there’s likely a sales tax, too.)

 

Read this story from the beginning here.

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