unusual_whales(@unusual_whales):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."

2026.10.11 01:01

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."

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