Editorial makes an excellent point

An editorial in the Chattanooga Times Free Press this morning delivers a solid message that people, and capital, are mobile and will not standing idly by as lawmakers increase taxes.

"For five years leading up to 2004, New Jersey was a cash magnet. Some $98 billion flowed into New Jersey from out of state during that time.

Then, state lawmakers enacted a host of tax increases, including hikes in income, sales and property taxes and in the "millionaire tax."

Since then, households hit hard by the rising taxes have been bailing out of New Jersey faster than the state can replace them. Many have been going to lower-tax states, a new study from Boston College has found."

When will lawmakers at the state and federal level wise up, and realize that the levels of taxation that exist today are more than sufficient to meet the costs of society? In fact, remove the bloated salaries that exist in local government (Mish does a great job exploring this issue pretty much every day) and the general waste that exists, and a significant tax cut could be made right now, all while still enabling government to deliver on the "core" functions that people still expect.