Just in time for an election about raising millionaires’ taxes comes a study saying they won’t leave. Instead, when their taxes are raised, they’ll stay and shout, “Thank you, sir! May I have another!”
The California Budget Project is touting the study, “Millionaire Migration: The Impact of Top Tax Rates.” The study is by two professors, Charles Varner and Cristobal Young, both from the Stanford Center on Poverty and Inequality and the Department of Sociology at Princeton University.
According to the CBP’s summary:
“This new research dispels one of the most persistent myths about state tax policy: that wealthy Californians will leave the state to avoid having to pay a slightly higher tax rate on personal income.
Read more at Cal Watchdog