Well we have heard, those who listen, that New York is jacketing up taxes.

The rich there pay out the nose. And now it is going up even higher, and taking more people in.

The millionaires tax, so unaptly named, now affects a single person earning $200,000 or a couple earning $300,000.

But a math study showed that less than 500,000 people pay more than 50% of the taxes garnered in New York.

A second study showed a lot of these people are planning to do what Rush Limbaugh is doing.

They plan to leave.

This is coupled with two other huge disasters for New York, the city which cannot try to stop social spending increases.

The destruction of the stock market ended with lots of write offs for taxes, due to people making negative incomes for the year, as well as the lay offs and business collapses.

Then there is the Feds stepping in and limiting bonuses and pay, which is having a ripple effect unexpected, and with huge harm headed for the spend and splurge city.

If New York does not declare bankruptcy this year they will be next year, this is my prediction. The whole state that is.