New York Governor Andrew Cuomo has proposed a major tax hike for millionaires, which has triggered objections from conservatives who claim it would drive wealthy taxpayers out of New York City. In a CNBC interview, sociologist Cristobal Young discusses his research, which shows that this is unlikely to happen.
“2.4% of millionaires a year change their state of residency. One in eight of those moves, is chasing lower taxes …so we have a small fraction within a small fraction. This amounts to 0.3% of the millionaire population that is moving for tax purposes.”, said Young, associate professor of sociology.