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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…mehr
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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.
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.
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Produktdetails
- Produktdetails
- Verlag: Stanford University Press
- Seitenzahl: 160
- Erscheinungstermin: 31. Oktober 2017
- Englisch
- ISBN-13: 9781503603813
- Artikelnr.: 49939870
- Verlag: Stanford University Press
- Seitenzahl: 160
- Erscheinungstermin: 31. Oktober 2017
- Englisch
- ISBN-13: 9781503603813
- Artikelnr.: 49939870
Cristobal Young is Assistant Professor of Sociology at Stanford University. He studies how sociological dynamics shape the effects of public policies-especially policies meant to reduce inequality. His research has been featured in The Wall Street Journal, The New York Times, and USA Today, and he has contributed pieces to The New York Times Sunday Review and the New York Daily News, among others.
Contents and Abstracts
1Millionaire Taxes in a World with Few Borders
chapter abstract
This chapter introduces the central questions of the book. In the age of
globalization, what is the connection between the rich and the places where
they live? Is place a temporary convenience for the rich and
powerful-readily switched out when the tides change? Or is place a deep
foundation for their success? Are top income earners mobile millionaires
searching for low-tax places to live, or are they embedded elites reluctant
to move away from the places where they have become highly successful? This
chapter also introduces the main empirical data for the book-big
administrative data from the tax returns of U.S. millionaire income earners
over more than a decade. Finally, the structure and organization of the
book is summarized.
2Do the Rich Flee High Taxes?
chapter abstract
This chapter explores the empirical evidence for the mobile millionaires
versus embedded elites debate. Drawing on the tax returns of U.S.
millionaires, this chapter focuses on these questions: To what extent do
top income earners migrate away from places with high income taxes? Are
millionaires especially concentrated in low-tax states? Do they tend to
move from high-tax to low-tax states? What about along the narrow
geographic borders of states? In border county regions, do the rich tend to
cluster on the low-tax side of the border? This chapter also moves higher
up the food chain to look at the location and migration of the Forbes 400
list of richest Americans. Finally, the chapter examines the social
demography of the rich: considering how their family and business
responsibilities, as well as their age and education levels, can help
explain their overall migration patterns.
3Global Billionaires and International Tax Havens
chapter abstract
This chapter looks at the global migration of the world's elites, as well
as the use of tax havens that allow the rich to move their money abroad.
First, the world's billionaires offer an international look at the mobile
millionaire thesis. How often do billionaires move to low-tax countries?
Are billionaires a transnational capitalist class? Or do they just live in
the country where they were born? The analyses here give a clear view into
the geographic mobility of the richest people in the world. The second half
of the chapter continues the global focus by examining international tax
havens. Rather than moving themselves, can the rich achieve tax savings by
moving their money into offshore shell companies? The chapter examines how
the offshore economy works and what shell companies and tax havens can and
cannot do. It also explores which countries are more likely to use offshore
accounts.
4Place as a Form of Capital
chapter abstract
This chapter explores why place is still important for the rich. The income
of the rich depends in part on where they live. Peak performance does not
necessarily travel with the individual when the person moves away. Top
incomes are sustained not simply through individual brilliance and hard
work, but also through collaborative relationships and social networks that
depend on being in a shared place. People at the top are deeply embedded
insiders who earn economic rewards because their social networks place them
close to the action. Top income earners have accumulated much home-field
advantage that would be diluted by moving away. It is important to
disentangle the idea of travel, which often signifies wealth and status,
from the idea of migration, which is often less glamorous-reflecting
hardship or entry-level status. The chapter concludes with case studies of
open borders in Europe and the United States.
5Millionaires and the Future of Taxation
chapter abstract
This chapter revisits the central findings of the book and develops the
conceptual and policy implications. How should states set their tax
policies? What are the benefits and costs for states that have high income
taxes on the rich? The chapter emphasizes that states have little ability
to attract the highest income earners, but they can attract a pipeline of
future high income earners. These are young professionals-those not yet
established in their careers; they are the most mobile individuals, they
still have relatively low incomes, and they will not be paying top-bracket
tax rates for many years. Progressive taxes are paid by people with
late-career success. The revenues pay for education, infrastructure, and
services that are most attractive to young, early-career individuals. In
this sense, millionaire taxes are an intergenerational transfer.
1Millionaire Taxes in a World with Few Borders
chapter abstract
This chapter introduces the central questions of the book. In the age of
globalization, what is the connection between the rich and the places where
they live? Is place a temporary convenience for the rich and
powerful-readily switched out when the tides change? Or is place a deep
foundation for their success? Are top income earners mobile millionaires
searching for low-tax places to live, or are they embedded elites reluctant
to move away from the places where they have become highly successful? This
chapter also introduces the main empirical data for the book-big
administrative data from the tax returns of U.S. millionaire income earners
over more than a decade. Finally, the structure and organization of the
book is summarized.
2Do the Rich Flee High Taxes?
chapter abstract
This chapter explores the empirical evidence for the mobile millionaires
versus embedded elites debate. Drawing on the tax returns of U.S.
millionaires, this chapter focuses on these questions: To what extent do
top income earners migrate away from places with high income taxes? Are
millionaires especially concentrated in low-tax states? Do they tend to
move from high-tax to low-tax states? What about along the narrow
geographic borders of states? In border county regions, do the rich tend to
cluster on the low-tax side of the border? This chapter also moves higher
up the food chain to look at the location and migration of the Forbes 400
list of richest Americans. Finally, the chapter examines the social
demography of the rich: considering how their family and business
responsibilities, as well as their age and education levels, can help
explain their overall migration patterns.
3Global Billionaires and International Tax Havens
chapter abstract
This chapter looks at the global migration of the world's elites, as well
as the use of tax havens that allow the rich to move their money abroad.
First, the world's billionaires offer an international look at the mobile
millionaire thesis. How often do billionaires move to low-tax countries?
Are billionaires a transnational capitalist class? Or do they just live in
the country where they were born? The analyses here give a clear view into
the geographic mobility of the richest people in the world. The second half
of the chapter continues the global focus by examining international tax
havens. Rather than moving themselves, can the rich achieve tax savings by
moving their money into offshore shell companies? The chapter examines how
the offshore economy works and what shell companies and tax havens can and
cannot do. It also explores which countries are more likely to use offshore
accounts.
4Place as a Form of Capital
chapter abstract
This chapter explores why place is still important for the rich. The income
of the rich depends in part on where they live. Peak performance does not
necessarily travel with the individual when the person moves away. Top
incomes are sustained not simply through individual brilliance and hard
work, but also through collaborative relationships and social networks that
depend on being in a shared place. People at the top are deeply embedded
insiders who earn economic rewards because their social networks place them
close to the action. Top income earners have accumulated much home-field
advantage that would be diluted by moving away. It is important to
disentangle the idea of travel, which often signifies wealth and status,
from the idea of migration, which is often less glamorous-reflecting
hardship or entry-level status. The chapter concludes with case studies of
open borders in Europe and the United States.
5Millionaires and the Future of Taxation
chapter abstract
This chapter revisits the central findings of the book and develops the
conceptual and policy implications. How should states set their tax
policies? What are the benefits and costs for states that have high income
taxes on the rich? The chapter emphasizes that states have little ability
to attract the highest income earners, but they can attract a pipeline of
future high income earners. These are young professionals-those not yet
established in their careers; they are the most mobile individuals, they
still have relatively low incomes, and they will not be paying top-bracket
tax rates for many years. Progressive taxes are paid by people with
late-career success. The revenues pay for education, infrastructure, and
services that are most attractive to young, early-career individuals. In
this sense, millionaire taxes are an intergenerational transfer.
Contents and Abstracts
1Millionaire Taxes in a World with Few Borders
chapter abstract
This chapter introduces the central questions of the book. In the age of
globalization, what is the connection between the rich and the places where
they live? Is place a temporary convenience for the rich and
powerful-readily switched out when the tides change? Or is place a deep
foundation for their success? Are top income earners mobile millionaires
searching for low-tax places to live, or are they embedded elites reluctant
to move away from the places where they have become highly successful? This
chapter also introduces the main empirical data for the book-big
administrative data from the tax returns of U.S. millionaire income earners
over more than a decade. Finally, the structure and organization of the
book is summarized.
2Do the Rich Flee High Taxes?
chapter abstract
This chapter explores the empirical evidence for the mobile millionaires
versus embedded elites debate. Drawing on the tax returns of U.S.
millionaires, this chapter focuses on these questions: To what extent do
top income earners migrate away from places with high income taxes? Are
millionaires especially concentrated in low-tax states? Do they tend to
move from high-tax to low-tax states? What about along the narrow
geographic borders of states? In border county regions, do the rich tend to
cluster on the low-tax side of the border? This chapter also moves higher
up the food chain to look at the location and migration of the Forbes 400
list of richest Americans. Finally, the chapter examines the social
demography of the rich: considering how their family and business
responsibilities, as well as their age and education levels, can help
explain their overall migration patterns.
3Global Billionaires and International Tax Havens
chapter abstract
This chapter looks at the global migration of the world's elites, as well
as the use of tax havens that allow the rich to move their money abroad.
First, the world's billionaires offer an international look at the mobile
millionaire thesis. How often do billionaires move to low-tax countries?
Are billionaires a transnational capitalist class? Or do they just live in
the country where they were born? The analyses here give a clear view into
the geographic mobility of the richest people in the world. The second half
of the chapter continues the global focus by examining international tax
havens. Rather than moving themselves, can the rich achieve tax savings by
moving their money into offshore shell companies? The chapter examines how
the offshore economy works and what shell companies and tax havens can and
cannot do. It also explores which countries are more likely to use offshore
accounts.
4Place as a Form of Capital
chapter abstract
This chapter explores why place is still important for the rich. The income
of the rich depends in part on where they live. Peak performance does not
necessarily travel with the individual when the person moves away. Top
incomes are sustained not simply through individual brilliance and hard
work, but also through collaborative relationships and social networks that
depend on being in a shared place. People at the top are deeply embedded
insiders who earn economic rewards because their social networks place them
close to the action. Top income earners have accumulated much home-field
advantage that would be diluted by moving away. It is important to
disentangle the idea of travel, which often signifies wealth and status,
from the idea of migration, which is often less glamorous-reflecting
hardship or entry-level status. The chapter concludes with case studies of
open borders in Europe and the United States.
5Millionaires and the Future of Taxation
chapter abstract
This chapter revisits the central findings of the book and develops the
conceptual and policy implications. How should states set their tax
policies? What are the benefits and costs for states that have high income
taxes on the rich? The chapter emphasizes that states have little ability
to attract the highest income earners, but they can attract a pipeline of
future high income earners. These are young professionals-those not yet
established in their careers; they are the most mobile individuals, they
still have relatively low incomes, and they will not be paying top-bracket
tax rates for many years. Progressive taxes are paid by people with
late-career success. The revenues pay for education, infrastructure, and
services that are most attractive to young, early-career individuals. In
this sense, millionaire taxes are an intergenerational transfer.
1Millionaire Taxes in a World with Few Borders
chapter abstract
This chapter introduces the central questions of the book. In the age of
globalization, what is the connection between the rich and the places where
they live? Is place a temporary convenience for the rich and
powerful-readily switched out when the tides change? Or is place a deep
foundation for their success? Are top income earners mobile millionaires
searching for low-tax places to live, or are they embedded elites reluctant
to move away from the places where they have become highly successful? This
chapter also introduces the main empirical data for the book-big
administrative data from the tax returns of U.S. millionaire income earners
over more than a decade. Finally, the structure and organization of the
book is summarized.
2Do the Rich Flee High Taxes?
chapter abstract
This chapter explores the empirical evidence for the mobile millionaires
versus embedded elites debate. Drawing on the tax returns of U.S.
millionaires, this chapter focuses on these questions: To what extent do
top income earners migrate away from places with high income taxes? Are
millionaires especially concentrated in low-tax states? Do they tend to
move from high-tax to low-tax states? What about along the narrow
geographic borders of states? In border county regions, do the rich tend to
cluster on the low-tax side of the border? This chapter also moves higher
up the food chain to look at the location and migration of the Forbes 400
list of richest Americans. Finally, the chapter examines the social
demography of the rich: considering how their family and business
responsibilities, as well as their age and education levels, can help
explain their overall migration patterns.
3Global Billionaires and International Tax Havens
chapter abstract
This chapter looks at the global migration of the world's elites, as well
as the use of tax havens that allow the rich to move their money abroad.
First, the world's billionaires offer an international look at the mobile
millionaire thesis. How often do billionaires move to low-tax countries?
Are billionaires a transnational capitalist class? Or do they just live in
the country where they were born? The analyses here give a clear view into
the geographic mobility of the richest people in the world. The second half
of the chapter continues the global focus by examining international tax
havens. Rather than moving themselves, can the rich achieve tax savings by
moving their money into offshore shell companies? The chapter examines how
the offshore economy works and what shell companies and tax havens can and
cannot do. It also explores which countries are more likely to use offshore
accounts.
4Place as a Form of Capital
chapter abstract
This chapter explores why place is still important for the rich. The income
of the rich depends in part on where they live. Peak performance does not
necessarily travel with the individual when the person moves away. Top
incomes are sustained not simply through individual brilliance and hard
work, but also through collaborative relationships and social networks that
depend on being in a shared place. People at the top are deeply embedded
insiders who earn economic rewards because their social networks place them
close to the action. Top income earners have accumulated much home-field
advantage that would be diluted by moving away. It is important to
disentangle the idea of travel, which often signifies wealth and status,
from the idea of migration, which is often less glamorous-reflecting
hardship or entry-level status. The chapter concludes with case studies of
open borders in Europe and the United States.
5Millionaires and the Future of Taxation
chapter abstract
This chapter revisits the central findings of the book and develops the
conceptual and policy implications. How should states set their tax
policies? What are the benefits and costs for states that have high income
taxes on the rich? The chapter emphasizes that states have little ability
to attract the highest income earners, but they can attract a pipeline of
future high income earners. These are young professionals-those not yet
established in their careers; they are the most mobile individuals, they
still have relatively low incomes, and they will not be paying top-bracket
tax rates for many years. Progressive taxes are paid by people with
late-career success. The revenues pay for education, infrastructure, and
services that are most attractive to young, early-career individuals. In
this sense, millionaire taxes are an intergenerational transfer.