Millionaires Migrating Away Is A Myth

Study dispels myth about millionaire migration in the US

May 26, 2016 — American Sociological Association — Published in Science Daily
Summary:
The view that the rich are highly mobile has gained much political traction in recent years and has become a central argument in debates about whether there should be ‘millionaire taxes’ on top-income earners. But a new study dispels the common myth about the propensity of millionaires in the United States to move from high to low tax states.

The view that the rich are highly mobile has gained much political traction in recent years and has become a central argument in debates about whether there should be “millionaire taxes” on top-income earners. But a new study dispels the common myth about the propensity of millionaires in the United States to move from high to low tax states.

“The most striking finding in our study is how little elites seem willing to move to exploit tax advantages across state lines,” said Cristobal Young, an assistant professor of sociology at Stanford University and the lead author of the study. “Millionaire tax flight is occurring, but only at the margins of significance.”Read More

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