THE WIRE · № 74559
The "rich are fleeing high-tax states" story doesn't hold up, per Fortune. The states with the most progressive tax systems, including California and New York, have the highest concentration of millionaires in the country, per a Fiscal Policy Institute analysis of IRS data. And
01 THE MACHINE READ
WHY IT MATTERS.
Data undercuts the tax-migration narrative, relevant to state budgets and muni credit, not equities directly.
High-tax states retain millionaires
Updated IRS migration data
Data lags behavior changes
FULL DISPATCH
The "rich are fleeing high-tax states" story doesn't hold up, per Fortune. The states with the most progressive tax systems, including California and New York, have the highest concentration of millionaires in the country, per a Fiscal Policy Institute analysis of IRS data. And their millionaire populations have grown since 2010. When California raised its top tax rate to 13.3% in 2012, critics warned the rich would leave. About 138 did. That's 0.04% of the 312,000 people hit by the tax, per a Stanford-led study. "Taxes aren't really high enough for them to be sensitive."
02 THE STORY SO FAR
THE RECORD, IN ORDER.
STANDALONE ITEM — NOT YET FOLDED INTO A DEVELOPING STORY.
03 WHO'S INVOLVED
ENTITIES ON FILE.
04 RECEIPTS
THE SOURCE RECORD.
1 SOURCES CONFIRMED05 PROPAGATION
WHAT THIS TOUCHES.
Guest Commentary: Amendment 3 signals a tax shift, not a tax cut2026-10-10 09:34 UTC
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Summaries are generated and may contain errors — every claim links its sources.