The Wall Street Journal has an editorial about how Oregon's tax increase to 11% on individual income above $500,000 a year has produced far less revenue than projected. The paper calls it "an instant replay of what happened in Maryland in 2008 when the legislature in Annapolis instituted a millionaire tax. There roughly one-third of the state's millionaire households vanished from the tax rolls after rates went up."
It'd great to see some enterprising reporter check the facts on this scenario in the Wall Street Journal's home state, New York. As we've reported here:
New York state imposed a "millionaire's tax" in 2009, raising the state income tax rate to 8.97% from 6.85%. That doesn't include the additional New York City income tax. Rush Limbaugh and Thomas Golisano responded by changing their legal residences to Florida from New York, while the Schwarzmans are Paris-bound.