It looks like another big right-wing myth about taxes is wrong.
Don’t tell the Canadian Taxpayers Federation, the Fraser Institute, the Financial Post or Kevin O’Leary, but according to researchers at Stanford University and the U.S. Department of the Treasury, there isn’t any real evidence raising taxes on the rich causes millionaires to pack up and leave for somewhere with lower taxes.
That’s the conclusion of a comprehensive new study of 45 million American tax records that wanted to know if there’s any evidence efforts to fight inequality by raising taxes on top-earners has led to “millionaire migration” – the idea that “transitory millionaires” are “highly mobile actors” who are always on the move, always looking for the next low-tax location to call ‘home’.
It turns out the answer is: no, not really.