Anti-Business States Awash In Red Ink

I've been writing for a while now (LINK, LINK) about the mass migration of economic refugees within the United States from oppressive states to more free ones. Now we have more evidence of the damage an out of control state (or country) can do to itself and its people. Those heavy handed governments still don't want to face their economic and moral failures. They are still doing their level best to chase away those who pull the cart; leaving behind those who just in it and whine.

"Shortly after he was confirmed as governor of New York earlier this year, David Paterson told a group of business executives that when he received congratulations from old friends he hadn’t heard from in years, he was surprised how many no longer lived in New York. "All of them basically said the same thing," Paterson told the group. "'Good luck in New York state, but we can't pay the taxes. The opportunities aren't there.'”

After that experience, Paterson presumably can understand the complaints of corporate executives recently surveyed by Development Counsellors International, which advises companies on where to locate their facilities. More than four in ten of them have ranked New York as the worst state to do business in--second only to California in unfavorable mentions. The most common gripes included high taxes and anti-business regulations. Joining New York and California on the list of most unpopular states were New Jersey, Michigan and Massachusetts...

Of the approximately $48 billion in accumulated budget shortfalls that the 29 states with projected deficits are facing, $33 billion, or two-thirds of the gap, is concentrated in those five states considered by corporate executives to be the least friendly to business. Meanwhile, among the five states ranked as having the best business environment, Texas and North Carolina have no projected budget gaps, and Georgia, Tennessee and Florida are facing shortfalls amounting to about $4.1 billion, or less than one-tenth of the states’ total."

What's the answer? Higher taxes that will chase even more businesses and individuals away. The stupidity and insanity of these socialist hacks never ceases to amaze me.

"Paterson’s former colleagues in the state legislature are lobbying for a new tax on millionaires, while across the country California’s legislators have called for boosting the state’s top tax rate from 9.3 percent to 11 percent. Since many firms, especially small ones, are organized corporately in such a way that they pay taxes on profits at their owners’ personal income tax rate, any increase in the top rate of income taxes will hit small firms hard, to say nothing of the impact on the personal taxes of executives at big firms."

But they also expect the rest of us to pay for their irresponsibility and corruption:

"...Paterson argued creatively that the rest of the country should come to his aid because the Empire State is home to the country’s financial markets and thereby contributes disproportionately to the America economy--although I can imagine that there are many states that would gladly take those financial institutions off of New York’s hands if the governor considers them such a burden."

Damn right we'll take them and we already are. Last one out, please turn off the lights.