The Friday Podcast: Do The Rich Flee High-Tax States?
The very rich have planes and helicopters and yachts. They can go wherever they want, whenever they want.
On today's Planet Money, we pose a question being debated in state capitals around the country: Do the rich flee high-tax states?
We talk to a bunch of people and read a bunch of studies. We hear stories about rich people moving from high-tax to low-tax states — especially when they retire.
But when economists look at the big picture, the anecdotes don't add up to data. As one expert tells us, "Taxes [have] essentially no impact on causing people to leave a state."
- Boston College study cited by NJ Gov. Chris Christie.
- How taxes influence migration patterns in New England.
- How a New Jersey tax hike affected millionaires.
Download the podcast, or subscribe. Music: Barenaked Ladies "If I Had A Million Dollars" and Berlin Philharmonic Orchestra's "Mozart: Eine kleine Nachtmusik, K.525: I. Allegro." Find us: Twitter/ Facebook.