"There you have it my good friends from Minnesota. I am reminded of the Lady Thatcher re-quote - 'Socialism works great until you run out of other people's money.' And by the way - soon we will run out of other people's money."
I hope many of you have seen that short video floating around on social media. It is a You Tube video from the Fox Business Channel. It is from the Stuart Varney show. Speaking of the word "show" - this video is a show stopper. Varney is presenting data from some famous economists (like Art Laffer). The data concerns what the new federal tax law is going to do to high SALT states. And it ain't pretty should you happen to live in one of them.
Anyhow, this video states that in the very near future, 800,000 people PER YEAR will flee from California and New York to a lower SALT state. In anybody's book, that is a whole lot of cheddar leaving any state. Then (here is the real kicker), it is estimated that 500,000 per year will be leaving Connecticut, New Jersey and (drum roll, please) - Minnesota.
Wait a minute Bird! You have made a BIG mistake! We are not like those ultra-lefty coastal states! We are the hard working mid-west, dang it! Well, that is partially true. We are in the mid-west. But the Garrison Keillor "Prairie Populists" who live in the darkest blue area of the Twin Cities, thought it would be cool and hip to have Marx Dayton as our Governor. Who? That be, Mr. "we are a high tax, high value state" for Governor.
In 2016, this trust fund baby from the Dayton-Hudson fortune, decided it would be the right thing to do by jacking our highest income rate up to just south of 10%. Translation = that took us from a "sort of" high SALT state, to one of the highest SALT states. Bingo! We made the club! Tax the socks off of high income earners, and everything will be just peachy! Except for one thing. Money is already leaving this business/senior unfriendly state. Starting this year with the new tax law, the trickle of money lost will turn into a flood.
Choices of what to do:
- Nothing - Just sit back and take it in the shorts. It is after all, for the common good. Then once enough other people start to vacate the state, Governor Walz will ask the DFL controlled legislature to raise the top rate to close to California's - about 13%.
- Move - Join the crowd of 500,000/year. Go to a state with better weather and/or better taxes. Trust me - I have heard this dozens upon dozens of times. We have friends who have done it.
- CHANGE THE GAME! - Enough of this crap! Dayton is done (thank goodness!) and now it is on to fixing the brokenness of Minnesota. How do you fix what is broken? You hire a real fixer. And that person is JEFF JOHNSON. He will stop the exodus of money leaving our state by making this state business friendly. Senior friendly. But be warned. Jeff is very familiar with what the powers reserved are as Governor. There is only so much he can do as Governor if he has a DFL House and Senate. To be a REAL game changer, let Governor Johnson keep a red House and Senate. Elect Jeff, keep the House and Senate Republican, and then hold on to your seat!
There you have it my good friends from Minnesota. I am reminded of the Lady Thatcher re-quote - "Socialism works great until you run out of other people's money." And by the way - soon we will run out of other people's money.