For many years now, the hefty income taxes paid by a handful of high earners in the financial industry have been helping prop up the public finances of two of America’s most populous and politically powerful states: Big Labor-dominated New York and California.
It is largely thanks to the willingness of executives of banking and investment firms to stay put and keep forking over huge sums of tax money to state and local government coffers, year after year, that the grossly fiscally mismanaged Empire and Golden States have managed to keep their budgets afloat, more or less.
Unfortunately for current union-label Democrat Govs. Kathy Hochul and Gavin Newsom, it seems even state-proud bankers and money managers won’t tolerate getting bilked forever.
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