The high tax rates in New York and New York City have finally motivated the previously unthinkable: smaller hedge-fund managers and other financial companies are pulling up stakes and moving to tax-friendly Palm Beach, Florida - and larger organizations considering expansion are setting up shop there, as well. Tax-happy New York Democrats are faced with an exodus of their own making, much as what tax-happy Democrats in California are witnessing as companies relocate from the state and take their jobs with them.
Doubtless to their amazement, Democratics on both coasts are finding that former British Prime Minister Margaret Thatcher was entirely correct when she spoke of running out of other peoples' money. Refusal to face reality carries consequences.
And Palm Beach doesn't even have streetcars.