tl;dr: > While everyone seems aware of a handful of high-profile millionaires decamping to low-tax states for tax reasons, in truth few move in response to sta

tl;dr: > While everyone seems aware of a handful of high-profile millionaires decamping to low-tax states for tax reasons, in truth few move in response to state tax rates. Young examined tax data from every millionaire in the United States over thirteen years. He found that, even over that long time horizon, only 0.3% of all millionaires, on net, moved to a lower tax state. A larger share—about 2.5 percent-- move from one state to another each year, but most do not migrate for tax reasons. [...] > While blue states are changing tax policy [SALT deduction workarounds] in response to what is largely a myth, red states seem blind to the very real consequences of their tax and spending policies. There, years of tax cuts (often tilted toward higher-income households), along with balanced budget requirements, have created funding crises in their education systems. Red state budgets tend to be very regressive – giving benefits to the already well off at the expense of others, especially the poor. But as Young points out, “cutting funding for education to finance tax cuts for the wealthy is a classic intergenerational transfer from the young to the old.” As such, the policies ignore who really is mobile across state lines: young people, who are leaving red states in droves: "The most mobile people in the country are young college graduates – who have annual cross-state migration rates four times as high as millionaires (12 percent versus 2.5 percent)."