Zero state taxes. Full federal taxes (on the capital gains they're most likely to earn, formerly 15% and now 23.8%; on dividends, much higher) It's proving a

Zero state taxes. Full federal taxes (on the capital gains they're most likely to earn, formerly 15% and now 23.8%; on dividends, much higher) It's proving a weak relative of the Laffer curve: rich people move to the lowest practical tax jurisdiction as their taxable income increases. Particularly wealthy retirees earning passive income.