Everyone wants the wealthy to pay their fair share of taxes. By and large, that is how the U.S. and most state tax tables are designed to work. Despite this, “Tax the rich” remains the favorite slogan of progressive politicians from Albany to Sacramento. It sounds simple, moral, and painless — make the wealthy pay “their fair share” so everyone else can have more free services. Reality is less romantic. Two coastal experiments — one already underway in New York and one about

All these empty office spaces belong to someone. - Credit: nytimes.com As Margaret Thatcher famously observed, “The problem with socialism is that you eventually run out of other people’s money.” In 2026, New York City and Seattle provide textbook examples. Decades of progressive policies—sky-high taxes, heavy regulations, and expansive social spending—have strained budgets, prompting more tax hikes on businesses and high earners. The result? Major employers, founders, and wo