Two new papers show that wealth taxes lead to very little out-migration by the wealthy, while increasing tax revenue.
Most think wealth taxes always make the wealthy flee , an exodus -- but there is no existing empirical evidence for such an exodus, anywhere, at any time 1/n
The Norwegian example is illustrative. In the last few years, our wealth tax received massive media attention, described by media outlets as leading to an "exodus" of the wealthy.
But only ~1.7% of the ultra-wealthy actually left. Tax revenue boomed