Take Two for October 2, 2012

Does taxing the rich really drive them out of the state?

Occupy Rose Parade

Grant Slater/KPCC

An Occupy protester dressed as a billionaire rounds the corner in front of the media scaffolding on the Rose Parade route.

One of the arguments against propositions that raise taxes for the wealthy — like Props 30 and 38 this time around — is that when taxes go up on the wealthiest, they move to states where the rates are lower.

And we need millionaires. Their taxes pay for one fourth of California's general budget, but there's data that shows they might not flee after all.

San Jose Mercury News reporter Mike Rosenberg has been looking into it.


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