The Truth About Taxing the Rich: Deficits, Migration, Fewer Jobs

"Tax the rich!" is popular. But don't politicians realize, in America, people can MOVE? _ _ _ _ _ _ To make sure you receive weekly video from Stossel TV, sign up here: https://www.johnstossel.com/#subscrib... _ _ _ _ _ _ Washington state just passed a "millionaires' tax." Starbucks billionaire Howard Schultz already announced his move to Florida. You'd think politicians would learn, but no. California politicians now want an extra 5% tax on billionaires' wealth. “The benefit,” say activists, “is going to outweigh a couple people moving out of the state.” But California has already lost billions in taxes because so many people (and companies) left. If they pass their new tax, they'll lose more. “When people are not well treated, they’re gonna’ go elsewhere” argues Steve Forbes. I push back: "You're just a rich guy who wants to protect his stuff." "I may have done well in life," says Forbes, "But what I want is a world in which … ALL people have a chance to improve their lot in life." The video above explains why taxing the rich makes life harder for everyone, even the poor.