Do The Rich Flee High-Tax States?
Bound for cheaper waters? AP/via PR Newswire hide caption
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!
- 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.
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