Do The Rich Flee High-Tax States?

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Bound for cheaper waters?

Bound for cheaper waters? AP/via PR Newswire hide caption

itoggle caption AP/via PR Newswire

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."

For More:

Three Studies!

  1. Boston College study cited by NJ Gov. Chris Christie.
  2. How taxes influence migration patterns in New England.
  3. 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.



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