We at UP do not get involved in elections, as you all know, so we are not going to in any way suggest who readers in these two should vote for.

But we do think voters should be informed on what is happening in these two states.

New York has the highest tax rates in the country and New Jersey has the third highest (behind NY and California).

The most valuable resource of a state is its people.  High tax rates and progressive governance have caused a stampede of people out of these states as if a tsunami had hit the North Atlantic shores. Together, these two states have lost a net 3 million citizens over the past decade. That’s five to six congressional seats that will be gone after 2030.

The figure below shows that personal income has poured out of these states to the tune of $700 billion cumulatively over the last decade, for which IRS personal income data is available.

Despite having among the highest taxes, both states (and New York City) have big fiscal deficits. The political class is turning to the old playbook of ruin: raise taxes on the rich.

Will the rich stick around and take another wack? Maybe. But the historical evidence shows pretty convincingly the answer to that question is a resounding: HELL NO.