“HOW CAN HE DO THAT–IT’S NOT PHYSICALLY POSSIBLE!” “IN NEW JERSEY ANYTHING CAN HAPPEN!” was a gag line in Woody Allen’s The Purple Rose of Cairo about the always strange doings in my home state. And as Darren Copeland, the Colorado Conservative writes, it’s about to commit fiscal suicide, raising taxes for those New Jersey residents earning more than $500,000 each year. “I wonder how many of those households remain in New Jersey if this tax is implemented”, Darren writes. “If I were one of those people, I would be moving, and leaving New Jersey high and dry”.
A fair chunk will do just that, as the Laffer Curve remains inviolable.
(Incidentally, Darren, whom I had the pleasure of meeting at last month’s Colorado Blogger Bash, has lots more good stuff on his blog.)
UPDATE: Not surprisingly, The Wall Street Journal has some thoughts.