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Higher Taxes Don’t Scare Millionaires Into Fleeing Their Homes After All
When it comes to taxes, millionaires have short fuses. Ratchet up their rates and they'll blow you off and move to a low-tax, or no-tax, state. Or so goes one argument against taxing the rich: States that levy a “millionaires tax” risk chasing those millionaires away to Florida, Texas, and other places with no income tax. Hedge fund manager David Tepper's recent decision to move from New Jersey to Florida, possibly creating a billionaire-size hole in Jersey’s budget, raised alarms. Golf great Phil Mickelson, shortly after his infamous Dean Foods stock trade, complained about his high tax rate in California and ... (full story)