Do higher taxes cause rich people to move?


No.

You will hear anecdotes of people doing so, but in reality:

While everyone seems aware of a handful of high-profile millionaires decamping to low-tax states for tax reasons, in truth few move in response to state tax rates. Young examined tax data from every millionaire in the United States over thirteen years. He found that, even over that long time horizon, only 0.3% of all millionaires, on net, moved to a lower tax state. A larger share—about 2.5 percent– move from one state to another each year, but most do not migrate for tax reasons.

That quote is from: What Republicans and Democrats Can Learn from “The Myth of Millionaire Tax Flight” | Tax Policy Center.

Remember this the next time someone is arguing that higher taxes will cause the well off to move elsewhere.

(Image via pexels.com)

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