>If there are 100 billionaires, and you tax 2% more, and 1 billionaire moves away, you're still up on revenue. But that's not the only thing that happens thoug

>If there are 100 billionaires, and you tax 2% more, and 1 billionaire moves away, you're still up on revenue. But that's not the only thing that happens though. A prospective billionaire that is not yet a billionaire might think "there's little point in putting in all this work on this new project, because the government will take more of my money". Another thing that can happen is that a foreign company decides to invest somewhere else because of that tax. They might look at the tax and expect it to discourage investment internally and look for potentially better prospects.