, Columnist
Low Taxes Are Never Enough to Attract Wealthy Residents
A lot of people dream of leaving New York and California and saving a ton. But it takes more to get them to actually do it.
People like to move to places that have both lower taxes and great public services paid for by those taxes.
Photographer: Smith Collection/Gado/Getty Images
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As high-tax states like California, New Jersey and New York contemplate spending less or taxing even more, the backlash is growing. Now wealthy residents like Jeff Gundlach are grabbing headlines for expressing a sudden interest in “low tax, well governed” states.
Could millions follow Gundlach’s lead, fostering an exodus? Since the 1950s, the question has kept countless social scientists gainfully employed.