“The economy will shrink. Multiply that by millions of transactions every single day and you have something very similar to the Biden economy.”

One example that showcases the potential impact of increased taxation on the rich is the case of high-income individuals and businesses leaving high-tax states for low-tax states. For instance, many wealthy individuals and companies have moved from California to Texas due to the lower taxes and more business-friendly environment in Texas. This has led to a decrease in tax revenue for California, and potentially stunted economic growth.

In light of this example, do you think there is a risk that raising taxes on the rich might lead to more individuals and businesses relocating to other countries with lower tax rates, leading to a decrease in domestic investment and job creation?