Part 5/11:
The transformation of Chicago into a high-tax city could accelerate the migration of affluent individuals and corporations. The phenomenon is already observable in places like California, New York, and Seattle, where significant tax hikes have prompted notable departures of wealthy residents and businesses. Jeff Bezos’s move from Seattle to Florida exemplifies how economic considerations influence such decisions.
Taxing the ultra-wealthy and corporations more heavily may temporarily increase city revenues but risks long-term economic decline. High-income earners and major firms often have the means and mobility to relocate their wealth and operations elsewhere, thus depleting the local tax base and exacerbating fiscal shortfalls.