A federal tax levied on a New York City resident is a tax on a Floridian. The previous truth is rarely discussed by economists and pundits focused on Floridians who’ve escaped blue state taxes, but it’s true nonetheless.
To see why, stop and contemplate the national implications of taxes paid by private equity multi-billionaires like Blackstone co-founder Stephen Schwarzman. Members of Congress don’t just stare lovingly at money Schwarzman pays in federal taxes, rather the copious sums Schwarzman hands over to the U.S. Treasury each year empower Congress to allocate ever more goods, services and labor in politicized fashion. In other words, the more that Schwarzman pays in taxes the greater the power of Congress to centrally plan the direction of precious resources to all our detriment.
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