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Do higher taxes really drive millionaires to flee? By Alain Sherter
May 26, 2016 / 12:01 AM / MoneyWatch Silicon Valley billionaire funded Hulk Hogan privacy lawsuit; key oil benchmark surges past $50 a barrel; Alibaba s accounting practices under investigation. These and other headlines from CBS MoneyWatch
Millionaires are mobile. Millionaires are used to zapping their money across borders and asset classes in perpetual pursuit of higher returns. Millionaires would rather give up their Gulfstreams than pay one cent more in taxes than they must, which is why if rates rise in one locale they react by directing their pilot to the nearest tax haven.
At least that s a common perception when it comes to America s rich, who are seen as being more attached to money than to place. And elements of that narrative are true, notably the near-frictionless flight of capital around the globe these days. But one strand of the story is dead wrong, it turns out: Million