Source: Inequality.org
by Omar Ocampo
“Increasing taxes on high income earners helped raise revenue without hampering the wealth of the millionaire class in Massachusetts and Washington, according to a new policy brief from the Institute for Policy Studies and State Revenue Alliance. A common counter to raising taxes on the rich is that they will simply flee their home states to jurisdictions with friendlier tax codes. While some tax migration is inevitable, the wealthy that move to avoid taxes represent a tiny percentage of their own social class. The top one percent are incentivized not to move because of family, social networks and local business knowledge. Our findings support the case against tax flight: The number of individuals with a net worth of at least seven-figures continued to expand in both Massachusetts and Washington after tax hikes.” (05/07/25)
https://inequality.org/article/millionaires-dont-flee-states-over-higher-taxes/