Last week Rush spent some time taking about Michael Bloomberg's statement regarding New York city taxes. It seems that the redistributions system there is so out of whack that about half of all taxes in the city are paid by just 40,000 people. And of course if just a small number of those people were to leave the city for greener pastures the tax base of the city would collapse.
It's an amazing story that shows how unwise the leftist attitude is when it comes to economics. Are they even aware of how unstable and dangerous it is to depend on so small a slice of the population? I guess that tax diversity and creating a sustainable society in which no one has to pay too much, but everyone pays something just isn't part of their thinking.
Here is the transcript:
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