Late Stage Capitalism

😮‍💨

A literal book of research published from Stanford

https://www.sup.org/books/sociology/myth-millionaire-tax-flight

https://taxpolicycenter.org/taxvox/what-republicans-and-democrats-can-learn-myth-millionaire-tax-flight

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.

Millionaires are not very mobile, and when they do move across state lines, taxes play a small role in the decision. Tax-induced migration among millionaires is not zero, but it is fairly close to zero.

https://ips-dc.org/release-wealth-expands-after-higher-state-taxes-on-high-income-earners/

Two years into Massachusetts’ millionaires’ tax and a higher tax rate on $250,000 in capital gains in Washington state shows that the millionaire class grew by 38.6 percent in Massachusetts and 46.9 percent in Washington, respectively. Their wealth grew by more than $580 billion in current dollars in Massachusetts and $748 billion in Washington state between 2022 and 2024.

Wealth flight fears are misguided. The number of wealthy individuals and their cumulative wealth grew after the enactment of higher taxes on high earners in Massachusetts and a progressive capital gains tax on high-wealth Washingtonians.

And when it comes to the followup argument of "bUt It DoNt BrInG ReVenUE" it was largely not due to flight but instead from exemptions and tax breaks and poor policing of taxes on said wealthy individuals and being generally too broad and policy in place making those who were highly mobile to move.

https://taxation-customs.ec.europa.eu/news/publication-study-wealth-taxation-including-net-wealth-capital-and-exit-taxes-2026-04-15_en

And some lessons from Norway who have had wealth taxes since 1892, and by which they implememted a 37.8% wealth tax if you do choose to leave. If you really want the parasites to stay, make it worth their while, they only know how to speak money after all. After bleeding our system dry and profiting off of our labor and tax dollars through subsidies and utilizing our public services to pay workers less, it's the least they can do for us allowing them to exist in the first place.

https://www.aol.com/articles/analysis-norways-wealth-tax-trades-050140872.html