Brian J. Tumulty, USA TODAY
WASHINGTON — People who earn at least $1 million annually don’t move away from high-tax states such as New York, New Jersey and California any more frequently than does the general population, a new study says.
Many of the nation’s highest earners are “the working rich,’’ such as lawyers, physicians, corporate managers and financiers, who earn a living near where they currently live, according to the study.
Cristobal Young, an assistant professor of sociology at Stanford University, and three other researchers examined Internal Revenue Service data on tax returns filed by million-dollar income-earners in every state between 1999 and 2011. One of the study's co-authors, Richard Prisinzano, works for the Treasury Department's Office of Tax Analysis.
Their study found that each year, about 500,000 households file returns reporting at least $1 million in income. Of those households, only about 12,000 change their state of residency annually.
That’s a migration rate of 2.4%, which is slightly lower than the national average of 2.9%. In fact, the people most likely to leave a state are those earning $10,000 or less annually.
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