‘Taxes aren’t really high enough for them to be sensitive’: the fears of the wealthy fleeing New York and California were just that
We heard the wealthy would move out of New York City, San Francisco and Los Angeles because of an unfriendly business climate, but did they actually?
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# Investment Summary A new analysis contradicts predictions that wealthy individuals would flee high-tax states like New York and California due to unfavorable business climates, suggesting that concerns about mass exodus were overstated and that tax rates remain insufficient to drive significant relocation. This finding indicates that luxury real estate markets and tax-dependent revenues in these states may be more stable than previously feared by investors and policymakers concerned about capital flight.
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