Wealth Tax Triggers Billionaire Flight

A targeted one‑time state wealth tax can provoke high‑net‑worth residents to change domicile, carrying away not just taxable wealth but ongoing income, consumption, and payroll effects. Those secondary losses can amount to billions per year and may negate the revenue gains the tax was designed to produce. — If true, this shifts how voters and policymakers should evaluate wealth taxes — not as one‑off revenue grabs but as policies with persistent fiscal and economic ripple effects that can undermine state budgets and jobs.