I'm John Bachelor. I welcome Veronique DiRigee of the Mercatus Center at George Mason University,

writing about the phenomenon now underway of very well-to-do people. The word billionaire applies here,

but they're affluent. They were not quite a billion. I count 500 million. It's a lot of money.

Leaving the states of California, New York, Illinois, and Massachusetts,

and New Jersey, very blue states, and migrating to Florida, Texas, North Carolina, South Carolina,

and Arizona. Why? Well, it has to do with taxes, and more than that, it has to do with their anxiety that

once the tax is exacted, it will come again.

Veronica, very good evening to you. I've been hearing about this trend for some time in terms

of companies leaving California and moving to Tennessee or Florida. A couple of years ago, a colleague of mine

whom I was with in Japan mentioned that he didn't want to. He was a lifetime resident of San Francisco.

He's a California son, but it made no sense to remain with his investment fund in San Francisco, and Tennessee was beckoning,

and so was Florida. So he moved to South Florida. Now, this trend has reached a scale that is now

popular to talk about, the rich people leave, but so do their corporations. And it has to do with this idea of exacting

attacks, but I don't understand how they're going to do it. Is that your presentation at Civitas

Outlook suggests it's never going to be just one time. Good evening to you. Good evening, John. Yeah,

it's never going to be just one time. Of course, I mean, we have

at the very least 100 years history of what's happened to the income tax, right, which was

supposed to be not a temporary tax, but it was supposed to be a tax only on high income people,

very narrow. Like it was a to be a tax only on high-income people, very narrow.

Like, it was a 1% tax with a surcharge for those making above, in today's dollars,

$16 million.

And then within four years, right, the top rate was not 7% anymore.

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