Millionaire tax migration is a myth!
Those echoing Cuomo’s tax migration myth defend their argument by citing a decline in the number of New York millionaires from 2007 to 2009 after the state passed a tax surcharge. Yet, the real story is what Crain’s Business reports: “New York lost millionaires (between 2007 and 2009) primarily because New Yorkers made less money and saw their property values drop during the recession, not because they moved to other states.”
If you compare median incomes by zip code with property taxes by zip code you’ll see that the wealthy seem to live in places with significantly higher tax burdens. By choice.
Higher wages don’t hurt consumers!
In short, we have moved from labor intensive to capital intensive industries. Labor costs are becoming a much smaller part of consumer costs. High wages have much less effect on consumer prices.