Contrary to popular belief, new IRS data suggests that wealthy individuals are not significantly deterred by higher taxes in progressive states. An analysis by the Fiscal Policy Institute indicates that states with more progressive tax systems, such as California and New York, have seen a growth in their millionaire populations since 2010. Even after tax rate increases, these states continue to attract and retain high-net-worth individuals, with some studies showing minimal impact on migration patterns. The data suggests that for the wealthiest, current tax burdens are not high enough to prompt a move, and the impact of tax increases often falls more heavily on middle-income households. AI
RANK_REASON Article analyzes IRS data and research findings on wealth migration in response to tax policy, rather than reporting a new event.
- California
- Connecticut
- Fiscal Policy Institute
- Florida
- Howard Schultz
- Internal Revenue Service
- Jeff Bezos
- Larry Ellison
- Larry Page
- Mark Zuckerberg
- Massachusetts
- Miami
- New Jersey
- New York
- Peter Thiel
- Seattle
- Sergey Brin
- Washington, D.C.
- Washington State
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