We already see wealthier people fleeing California for Texas and Florida, the same for New York.
It's not the government that produces the wealth in the economy, it's business. Confiscatory taxes will wind up with everyone poorer, including you.
As for wealth flight, it's overblown. First fleeing to another state is very different than fleeing the country. Second people aren't staying in America only because the taxes are lower, there's plenty more to offer.
Edit: I forgot to add that the actual evidence for wealth flight is pretty thin.
And for those corporations or wealthy people that do leave, fuck 'em. They're not special, irreplaceable snowflakes. They beat out their competitors by luck, and local competitors will immediately spring up to fill the void they leave.
> local competitors will immediately spring up
What is your experience starting new businesses? It is a highly difficult and risky endeavor and few people find it more attractive than simply getting a job. It's exactly this kind of people that you will alienate and drive away with these of wealth-hostile policies.
Which brings the need for inter governmental regulation.
No, mainly because of the risk of capital flight.
> It's exactly this kind of people that you will alienate and drive away with these of wealth-hostile policies.
I disagree. If a good or service is truly valuable, someone will provide it. The value of an unmet need will increase until it becomes attractive, and if it never meets that bar, then by definition it wasn't valuable enough.
The only exceptions are goods or services that capitalism isn't effective at solving anyway, either because they are common goods that capitalism would exploit to exhaustion, or because they would yield only natural monopolies that are rife with abuse. A state-run corporation is a good option here, and wealth flight isn't an issue.
It sucked for everybody - without local capital the entrepreneurship was very limited, jobs remained scarce, specialists emigrated and the trade deficit became unmanageable. In the end multinational corporations slowly entered and bought various state-granted monopolies (the only real monopoly entrepreneurship can't solve) on the cheap. But that tiny capital started a snowball effect that eventually raised the living standard to unhoped-for levels. Now we have both billionaires and a wealthy middle-class. It took a long time though.
Careful what you wish for - a country without successful entrepreneurs and local capital(ists) is an easy prey on the international markets.
