And also in general I am not sure if it makes sense to tax millionaires or billionaires at the city or state. They'll just move some place else. Just ask New York[1]. After NY imposed a tax on the uber rich. All of them moved to Miami and maintain two residences. One in NYC and one in Florida. IF you tax its best to do it at the country level
If instead of taxing wages, we collect the rental value of the land on which their residences and businesses are located, it is highly unlikely that the land will leave town.
And also in general I am not sure if it makes sense to tax millionaires or billionaires at the city or state. They'll just move some place else. Just ask New York[1]. After NY imposed a tax on the uber rich. All of them moved to Miami and maintain two residences. One in NYC and one in Florida. IF you tax its best to do it at the country level
https://www.nytimes.com/2020/09/07/nyregion/wealth-tax-budge...