Lindsay Owens, president and CEO of Groundwork Collaborative, said the new data makes clear that “tax flight is nothing more than a myth, and should be given as much credence as flat-earthers.”
“If there was any merit to the myth that tax increases on New York’s wealthy drive them away, the new IRS data should show it,” said Owens. “It doesn’t—New York’s millionaire population kept climbing years after the state raised taxes on top earners.”
A millionaire is hardly rich these days, especially somewhere like New York. That’s barely enough to buy a modest apartment. I would describe that as middle class. The fact that so few formerly middle class people are now working poor is a significant issue IMHO. Genuine question - what are the stats for billionaires?
Yeah the term hits both people with $2m and $850m. That said there are maybe 1,000 billionares in the U.S. and where they live is everywhere, they have too much money to not accidentally multiple houses. So if you have almost 200 billionaires in California, they also own homes in NY, Florida, or wherever else. Texas has a number.
The rich benefit when services are provided that keep the non rich around. It increases community vitality, food is better c culture is better, overall life quality is better.
The rich should be taxed for their own good, they may not like it but it is absolutely in their best interest.
Yeah, shocking that when you don’t force people into a life of poverty and semi decent small businesses are capable of existing…the areas suddenly start getting a little safer and people with disposable income stimulate the local economy
I would expect capital flight to be somewhat dose dependent but it’s pretty clear it’s a non-issue at the level of taxation we’re discussing these days.
They want to live where its nice and safe and clean. Well high taxes goes to that so why would they leave to places with lower tax and higher crime and grime?
Exactly. The article doesn’t explicitly make that point, but it’s like… Lots of people are willing to pay higher rent for an apartment complex with a pool, even if their neighbors also get to enjoy the pool.
Rich people only pay taxes when they sell assets. Their “income” is usually loans against those assets.
Their rich do not contribute, they extract. That’s how they became rich. They need us, our cities, our labor, and our tax funded infrastructure to run their businesses. That’s why they come and that’s why they won’t leave.
You’re right, and that’s why their threats to leave [insert city, state, country here] if they don’t get their way should always be ignored. It’s empty posturing from the Epstein class.
It’s not even a good threat. Like, do you know how much we hate you? Go if you’re not going to make it worth it to have you around. We’ll be better off.
It’s almost like millionaires generally like to be around civilization, places with infrastructure, and things to do. I’m shocked!
So the rich people lied to us???
No way!!1
It’s such a weird argument. “They’ll leave if you tax 'em!” OK, let’s say that’s true. Good riddance, what’s the downside? And seeing over and over that it’s not true, what’s the downside?
