California hiked taxes on the rich, they left, and revenues were only half those forecast - American Experiment

California hiked taxes on the rich, they left, and revenues were only half those forecast - American Experiment

• There is a large and growing body of evidence showing that taxes play a role in determining where people choose to live. 

"...Another piece of research can be added to this body of evidence. 
A new paper by economists...find that wealthy Californians were about 40% more likely to leave after the income tax hike, mostly to states without income taxes. 
They also found that these departures and other responses to increased taxes eliminated 45.2% of the revenue the state expected to get from high earners.
There is an important lesson for policymakers here. 
At present, there are a lot of spending promises being thrown around by various candidates for office with the promise that ‘the rich’ will pay for it all. 
They won’t..."
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