TY - BOOK ID - 79523222 TI - The myth of millionaire tax flight : how place still matters for the rich PY - 2018 SN - 9781503601147 9781503603806 9781503603813 1503603814 1503601145 1503603806 PB - Stanford, California : Stanford University Press, DB - UniCat KW - Migration. Refugees KW - Taxes KW - Tax law KW - United States KW - Rich people KW - Migration, Internal KW - Place attachment KW - Tax havens KW - Emigration and immigration KW - Attachment to place KW - Places, Attachment to KW - Attachment behavior KW - Environmental psychology KW - Immigration KW - International migration KW - Migration, International KW - Population geography KW - Assimilation (Sociology) KW - Colonization KW - Foreign tax havens KW - Tax exemption KW - Tax planning KW - Affluent people KW - High income people KW - Rich KW - Rich, The KW - Wealthy people KW - Social classes KW - Taxation KW - Economic conditions KW - E-books KW - Tax havens. KW - Emigration and immigration. KW - Place attachment. KW - Taxation. KW - United States of America UR - https://www.unicat.be/uniCat?func=search&query=sysid:79523222 AB - In this age of globalization, many countries and U.S. states are worried about the tax flight of the rich. As income inequality grows and U.S. states consider raising taxes on their wealthiest residents, there is a palpable concern that these high rollers will board their private jets and fly away, taking their wealth with them. Many assume that the importance of location to a person's success is at an all-time low. Cristobal Young, however, makes the surprising argument that location is very important to the world's richest people. Frequently, he says, place has a great deal to do with how they make their millions. In The Myth of Millionaire Tax Flight, Young examines a trove of data on millionaires and billionaires—confidential tax returns, Forbes lists, and census records—and distills down surprising insights. While economic elites have the resources and capacity to flee high-tax places, their actual migration is surprisingly limited. For the rich, ongoing economic potential is tied to the place where they become successful—often where they are powerful insiders—and that success ultimately diminishes both the incentive and desire to migrate. This important book debunks a powerful idea that has driven fiscal policy for years, and in doing so it clears the way for a new era. Millionaire taxes, Young argues, could give states the funds to pay for infrastructure, education, and other social programs to attract a group of people who are much more mobile—the younger generation. ER -