Tax hikes don’t send millionaires packingmillionairespersonal connectionsPrinceton researchers
The idea that millionaires will flee states that raise taxes on high earners is a myth, say experts.
A study by Stanford and Princeton researchers shows no evidence of millionaire migration in response to tax rate changes. For California millionaires, personal connections seem to weigh more heavily than tax rates in deciding where to live, the researchers report.
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