Blakeman said that instead of paying a new tax, wealthy New Yorkers are simply leaving. "This tax is very, very dumb. These people will move."
He said Democratic policies have already hurt the state in recent years. "We're basically running them out of town. And think about it.
"In the last four years, we've lost 11 billion dollars in revenue from high net worth individuals who moved out of state."
Blakeman argued that targeting high income residents is turning out to be a burden on everyone in New York.
Wait until you see what a "wealth tax" will do to the stock market...
Posted by TEXRA on 8/5/2026, 19:33:36, in reply to "Have a laugh "
...I predict that a trillion dollars or more of existing wealth will be wiped out when huge quantities of stock hit the market and when the wealth tax forces billionaires to give up control over their companies as new stockholders pour in.
The stock market turmoil will wind up costing everyday Americans with 401K accounts and retirement funds that hold stocks more than it will ever collect in taxes.