“Some large cities in California already have declared bankruptcy, for instance, and you can find the same pattern of overcompensated bureaucrats and escaping taxpayers. And the same thing may happen to New York City if the next Mayor is successful in pushing for more class-warfare tax policy.  But there’s a big problem with de Blasio’s plan. Rich people are not fatted calves meekly awaiting slaughter.  Gelinas warns that the city would have less money if just 20 percent of rich people escaped. She doesn’t think that will happen, but she does explain that rich people can stay but take some simple steps to reduce their taxable income.”

http://danieljmitchell.wordpress.com/2013/09/04/turning-new-york-city-into-detroit/

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