States Raising Taxes on the Rich Should Expect a Line at the Exit

The word "taxes" is seen engraved at the headquarters of the IRS in Washington on May 10, 2021. Andrew Kelly/Reuters

Commentary

It’s an old aphorism that if you tax something, you get less of it. Seven states are at risk of finding out exactly how that truism applies to wealth tax legislation introduced in each of them should their proposed taxes become law.