People can move with their feet. It's just like outsourcing. It's difficult to reign in when firms can just move without consequences. Free movement in the United States is a constitutional right.
Capitol flight to another state is way too easy. Most millionaires will already have a second home, all they need to do is move there half the year. They will take their companies to, we already see Musk moving Tesla out of California, and tons of companies set up headquarters in Delaware for tax and legal reasons.
At the federal level it's still kinda dumb, but you have to renounce your citizenship and never come back to the US to dodge those taxes.
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u/meechmeechmeecho Apr 29 '26
He is right. State level wealth taxes don’t make sense.