Tax the Rich: They’ll Stay in NYC, Despite the Threats
Zohran Mamdani’s plan to fund affordable living in New York through a modest tax on millionaires has sparked predictable threats of tax flight. However, historical data reveals this threat is largely unfounded, as high-tax states often have the highest concentrations of millionaires. Despite fears of an exodus, increases in millionaire taxes have historically been followed by growth in the millionaire population. Millionaires are less likely to move than the general population, and the quality of life factors often outweigh tax considerations when choosing a place to live.
John Q. Hosedrinker