Edward Conard

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Edward Conard

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Innovation Hubs Like New York Don’t “Deserve” Federal Bailouts

With the migration of America’s talent to hubs of innovation, like New York, it’s disingenuous to claim the hubs subsidize America and therefore deserve bailouts by other states because they pay a disproportionate share of federal taxes. Federalism is based on the notion that some taxation and spending should follow Americans wherever they live. Many of New York’s highly taxed millionaires were raised and educated elsewhere and moved to New York at the expense of their hometowns’ diminished future, while Florida’s retirees moved there after paying a lifetime of taxes elsewhere. States, like California, enjoy the good fortune of heavily taxing national treasures, like Silicon Valley, largely created by people raised in other states, while many other states must keep taxes and spending low to attract talent. Through migration, America heavily subsidized New York and California, who spent their good fortune rashly. They should be ashamed to ask the rest of the country for bailouts.

https://www.wsj.com/articles/blue-states-deserve-money-from-washington-11595193775

 

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