TLDW
Capital flight is ultimately a myth cause the people who complain about high taxes and moving are already not paying taxes.
The vast majority of people aren’t going to give up their homes to save a few bucks.
TLDW
Capital flight is ultimately a myth cause the people who complain about high taxes and moving are already not paying taxes.
The vast majority of people aren’t going to give up their homes to save a few bucks.
To a certain extent, I’m sure. You can’t say you would double your rent just because you like it here.
I already did! I moved to California instead of undesirable places with <50% its CoL/taxes. And rent/taxes are a much bigger percentage of my income than they are for the rich!
If billionaires leave and don’t own the rental, then rent won’t be increased to help them amass more wealth.