9 ms·
Most recently during COVID, when many a VC exited SF and NYC to Florida with loud caterwauling about how the cities were completely over and Miami is where it's
by potatolicious 1y ago
Most recently during COVID, when many a VC exited SF and NYC to Florida with loud caterwauling about how the cities were completely over and Miami is where it's all going to be at going forward.
Nearly every single one has quietly crawled their way back into those respective cities. Agglomeration effects baby!
Listen, I am sure there is some level of taxation at which the rich will in fact decamp and go somewhere else, but empirically we are nowhere near it, nor does it appear that any of the mainstream proposals (either for increased high-bracket tax rates or wealth taxes) get anywhere near it.
For example, MA instituted a 4% surtax on all incomes over $1M and... and the population of payers actually increased 25% since instituting it[1].
[1] https://www.wbur.org/news/2025/04/28/massachusetts-millionaires-tax-institute-policy-studies-newsletter https://www.wbur.org/news/2025/04/28/massachusetts-millionai...
- richwater 1y ago> and the population of payers actually increased 25% since instituting it This was obviously going to happen when you have a static number and inflation keeps going up. Inflation between 2022 and 2025 has been huge. Perhaps not 25% huge, but a large part of this "growth of payers" is just due to inflation.
- potatolicious 1y agoThis doesn't remotely begin to compute. Inflation is a measure of prices of goods and services, not of incomes. There is no reason to believe that high inflation results in higher nominal incomes. Heck the opposite is true - it's why high inflation is so despised, specifically because prices outrun income growth.
- sukhavati 1y agothis isn't even remotely supported by the data out there https://www.brookings.edu/articles/has-pay-kept-up-with-inflation/ https://www.brookings.edu/articles/has-pay-kept-up-with-infl...