$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich

Murder is always fun until you’re the one getting murdered. Doesn’t apparently sour you on the idea of murder, though.

Eat the rich and become what you despise. No thanks. I’m happy to look for that third way

It's already been taxed, yes, but it's also passively generating income by investing it. You tax that income with a capital gains tax.

You can further impose a let's say 1-2% tax on wealth above let's say 5 million, so you only have to pay 1% on 2M if you are worth 7M.

That should be easily covered by your investing gains if you play at that level. So, in essence, no harm done to personal wealth. You just get richer less fast while urgent social and infrastructure projects receive better funding.

I mean, if the point is to stop people from stockpiling wealth and increasing wealth disparity, then it sounds pretty effective.

What tax revenue drops? Before the change they weren't paying the additional tax, and now they aren't paying it if they leave, so nothing is lost on that account. The state loses whatever taxes they were paying originally; given that they're annoyed enough to leave over an increase that suggests that they were already finding ways to minimize their tax payments. Thus, by them leaving, the state is likely losing a small amount of revenue. Given that each person has a cost to the state, the net effect will be even smaller.

Surely there's a point at which taxes drive away enough people that it doesn't work, but it's clearly not the case for this particular implementation.