I think this is correct but also elides over one important fact: while billionaires might be able to leave quickly, there is more friction on the merely affluent (those making 400k-2 million, net worth’s of 2-25 million). They are more locked in to their school districts/cities.

There’s been a lot of discussion on how there wasn’t tax flight from MA because of its millionaire’s bracket. But that might be because you can raise taxes on millionaires and deca-millionaires without causing tax flight. The issue for Dems is many of them are donors/advisors.