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Why Bill de Blasio's Tax Hike Won't Cause the Wealthy to Flee New York

Don't listen to conservative arguments that higher taxes will scare off the city's elite.
relates to Why Bill de Blasio's Tax Hike Won't Cause the Wealthy to Flee New York
AP/Bebeto Matthews

Conservative opposition to New York City Mayor-elect Bill de Blasio’s plan to increase taxes on the wealthy is built largely on scare tactics. A growing chorus warns that looming tax hikes will scare away the rich and what’s left of the middle class, bringing back the economic and fiscal distress of the bad ol' days.

In a television ad last month, Connecticut Republican gubernatorial candidate Tom Foley appealed to what he feels is an obvious new constituency – New Yorkers who are “thinking about leaving” after their new mayor’s election. A week later, New Jersey Governor Chris Christie made a similar offer to the city’s super rich. “You have a new mayor in New York who is aggressively talking about increasing taxes in New York City,” Christie said in a speech to the Wall Street Journal CEO Council. “While I feel badly for New Yorkers, come to New Jersey.”