There's been this idea going around that a billionaire has to keep owning taxes just for being a billionaire. After they already paid income tax on that money.
Consider the idea of income tax. You get paid. You pay tax. The money after that is yours. Billionaires have the same thing. They make a lot early and then "retire" but then people still look at their bank account and want more years later. This idea that a billionaire has no income years later seems unfair to people even though really it makes all the sense in the world. They don't need income anymore. Duh. They already paid all the income taxes on it years prior.
So yes they will absolutely leave. And then yes you will have a massive budget hole. And then your taxes will go up because the state got greedy.
I think you're ignoring the role of capital gains taxes, borrowing against assets, offshore tax shelters, outsized political influence, and the cannibalization of public good for private gain.
many billionaires don't pay income (wages) tax because they come from family money inheritance and income is from investments or maybe shares of companies they head, rather than wages, on which to pay income tax. And income tax from shares and capital gains is less than wages tax. I agree they shouldn't be taxed twice, but the way we are taxed is not straight-forward.
Consider the idea of income tax. You get paid. You pay tax. The money after that is yours. Billionaires have the same thing. They make a lot early and then "retire" but then people still look at their bank account and want more years later. This idea that a billionaire has no income years later seems unfair to people even though really it makes all the sense in the world. They don't need income anymore. Duh. They already paid all the income taxes on it years prior.
So yes they will absolutely leave. And then yes you will have a massive budget hole. And then your taxes will go up because the state got greedy.