No. of Recommendations: 6
Is California's population of millionaires staying static? Or are some of them relocating outside of the state?Of course people relocate all the time, so some are certainly relocating out of the state. I suspect conservative news sources report every time one of the several hundred thousand millionaires chooses to relocate. OTOH, the population of millionaires in CA is very large and growing.
inequality.stanford.edu - Millionaire migration california impact top tax ratesThis paper takes a look at several states, CA included. The migration (in and out) seems mostly unrelated to tax policy.
Most people greatly underestimate how skewed the income curve is. As an example for CA...
Although just 0.3 percent of California tax filers reported more than $1 million in the year it came into effect, these filers accounted for
more than 21 percent of all income in the state.Alan
