AP/via PR Newswire
Bound for cheaper waters?
The very rich have planes and helicopters and yachts. They can go wherever they want, whenever they want.
On today's Planet Money, we pose a question being debated in state capitals around the country: Do the rich flee high-tax states?
We talk to a bunch of people and read a bunch of studies. We hear stories about rich people moving from high-tax to low-tax states — especially when they retire.
But when economists look at the big picture, the anecdotes don't add up to data. As one expert tells us, "Taxes [have] essentially no impact on causing people to leave a state."
- Boston College study cited by NJ Gov. Chris Christie.
- How taxes influence migration patterns in New England.
- How a New Jersey tax hike affected millionaires.
Download the podcast, or subscribe. Music: Barenaked Ladies "If I Had A Million Dollars" and Berlin Philharmonic Orchestra's "Mozart: Eine kleine Nachtmusik, K.525: I. Allegro." Find us: Twitter/ Facebook.