Comment by rsynnott
2 days ago
Georgism aside, the theory that very rich individuals will move if targeted for taxation tends to be _mostly_ false, when it's actually tried (though it's true for companies to a large extent).
If this were to go ahead, how many people would actually move? "I'm going to uproot my life to avoid paying an amount that's kinda immaterial to me" would be mildly weird.
The amount here is not immaterial. Which is why this tax won’t be like other taxes predicted to cause individuals to move.
If you're a billionaire, it's going to have precisely no impact on your lifestyle. It's a non-issue.
California, more so than other places, have a lot of paper billionaires living a middle-class lifestyle because these billionaires are tech founders that hold illiquid ownership in their own startups.
If price was the driver they’d all live in Oklahoma.