Part 7/10:
The transfer of high-profile billionaires like Jeff Bezos, who moved his residence from Washington to Miami and saved roughly $1 billion annually in taxes, exemplifies the trend. Smith highlighted that Washington’s wealth tax and high estate taxes serve as a deterrent for the wealthy, who often have the means to relocate to states like Florida that offer favorable tax environments.
Multiple studies, including one by the Institute for Policy Studies—despite claims from progressive think tanks—that seek to dismiss the idea that taxes drive out the wealthy, have not dispelled the reality. The fact remains that wealthy individuals are leaving, seeking jurisdictions that allow them to retain more of their wealth.