Data show that despite the risk of deterring billionaires, many states would profit from taxing inheritances
Democrats seeking America’s presidency, wealth taxes are a core division between the left and centre. Experts disagree on whether plutocrats can wriggle out of such levies, because few rich countries use them. Data on inheritance taxes, a close cousin, are also spotty.
The rich can only avoid federal taxes by renouncing citizenship. However, they can dodge state levies by moving. If they prioritise preserving their heirs’ fortunes, then states that taxed inheritances after 2001 should have become bereft of billionaires. Overall, estate-tax states lost 35% of their listed billionaires, and 50% of those aged over 65. If such moves reflected real changes in tax residence, they would cost states both estate taxes and the income taxes the departed would otherwise have paid.
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