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Researcher: tax-driven moves by millionaires are rare; focus on young workers to retain future high earners
Summary
Professor Christoal Young told Vermont’s Ways & Means Committee that national and state-level studies show only a small share of millionaires move between states for tax reasons (about 0.3% of millionaires per year), and recommended investing revenues in amenities that retain younger, mobile workers who later become top earners.
Professor Christoal Young told the Ways & Means Committee that large administrative data and IRS analysis show tax-motivated interstate moves by millionaires are uncommon and that policy should focus on retaining younger workers who later become high earners.
Using confidential tax-return data, Young reviewed a New Jersey case that added surtaxes above $500,000 and found the number of millionaires in the state rose because more residents’ incomes grew into the bracket — not because high-earners moved in. The study estimated a net "tax flight" loss roughly equivalent to one millionaire per 2,000, a near-zero effect,…
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