Isn't that just another myth peddled by wealthy groups? This was a pretty good study and didn't find that effect[1].

Just on the face of it, sure if you're wealthier you have greater ability to move but that also means you probably like where you are because you chose to be there. Most of my high school friends dispersed around the country solely for job opportunities, not because they wanted to be somewhere.

[1] https://minnesota.publicradio.org/features/2011/02/documents...

> The New Jersey millionaire tax experiment offers a potent testing ground, given the magnitude of the policy change and the relative ease of relocating to a different state tax regime without leaving the New York or Philadelphia metropolitan areas. Using a difference-in-difference estimator, we find minimal effect of the new tax on the migration of millionaires.

>capital flight is a real thing.

Can anyone provide some examples of it happening in an economy like ours?

That's why you pair them with capital controls, to keep that from happening. This, unfortunately, requires significant cooperation from the international community, and ought to be done before any wealth tax is imposed.

BTW, have you seen how expensive it is for high net worth individuals to renounce US citizenship?

> Doesn't everyone?

God I hope not. How empty would we all be if we all wanted to have more money than the next guy.

> capital flight is a real thing

Yep, that's why all of the rich people have left New York and California.