declaring that “Capitalism is theft,” and his platform includes making buses and child care free, open- ing city-owned grocery stores, and instituting a rent freeze. To top it off, Mam-
dani says he doesn’t believe billionaires should even exist, and wants to raise the city’s top rate of income tax by half on the wealthy, many of whom can easily move and take their money elsewhere. “Mamdani would
spook the tiny sliver of high-income people that pay many of the bills in New York City, and he would accelerate capital flight,” says E.J. McMa- hon, senior fellow at the Empire Center for Public Policy. “If you think the exit
doors have been crowded, you ain’t seen nothing yet.”
Moore warns: “If Mam-
dani wins, you will lose Wall Street. Even before he emerged, BlackRock and other firms announced plans to open a competing stock exchange in Texas.” Gov. Glenn Youngkin
takes no pleasure from the perilous economic condition of many Northeast states, but the Virginia Republican says it’s a fact of life that all states compete for jobs and people. He maintains it’s the obligation of every leader to enact policies that will enhance growth. “If you are shrinking, you
are running a deficit,” he said in a recent interview. “A deficit means you have to cut services and raise taxes, leading to even more out-
Top 10 States That Gained the Most People: Net
Rank State
1 Florida 2 Texas
Migration 1,591,626 1,268,227
3 North Carolina 520,615 4 Arizona
483,368
5 South Carolina 459,395 6 Tennessee 7 Georgia 8 Nevada
9 Washington 10 Idaho
350,483 337,752 245,866 217,304 197,567
Top 10 States That Lost the Most People:
Rank State
1 New York 2 California 3 Illinois
4 New Jersey
Migration 1,757,720 1,632,774 881,012 350,111
5 Massachusetts 283,838 6 Pennsylvania 7 Maryland 8 Louisiana 9 Virginia
10 Connecticut
181,662 179,490 171,327 120,209 117,465
Data from 2012 to 2022
bound migration. “On the other hand, if
you are growing, you have a surplus. That promotes a virtuous circle where people want to come to your state.” Youngkin noted that
since he became governor in 2021, he has had a bud- get surplus for four years in a row. Tax cuts created inbound migration and allowed more investment in the state’s businesses. “We have more people
working than ever,” he said. “We have gone from 40th in growth among states to ninth in the last few years.” Analysts believe the pop-
ulation shift from blue to red states is likely to continue. It
Net
“If Mamdani wins, you will lose Wall Street. Even before he emerged, BlackRock and other firms announced plans to open a competing stock exchange in Texas.”
will be fueled in part by the fact that many states have a natural advantage in attracting people — either a nonexistent or flat income tax rate. Nine states in the U.S.
have no income tax: Alas- ka, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wash- ington, and Wyo- ming. But another
14 states have a flat income tax, ranging from Arizona’s 2.5% to Idaho’s 5.695%. Several, includ- ing Ohio and Georgia, are com- mitted to eliminating the income tax. “Within a couple years,
— Stephen Moore
states with zero or flat rate income taxes,” says Grover Norquist of Americans for Tax Reform. “At that point we can
have a national conversa- tion about adopting Steve Forbes’ idea from his 1996 and 2000 presidential cam- paigns to have a national flat tax, which would be a turbocharger for the U.S. econo- my.”
Norquist is NORQUIST
right. The best way to halt the stream of moving vans from blue to red states and the resulting imbal- ances is to have
we are likely to see a major- ity of the country living in
a uniform tax system at the state and federal levels that rewards investment and promotes job opportunities. That’s called the flat tax.
SEPTEMBER 2025 | NEWSMAX 23
MONEY/SEFA OZEL©ISTOCK / NORQUIST/ PAUL MORIGI/GETTY IMAGES
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