About 5 years ago the liberal sh!thole of Maryland passed a "millionaire tax" of an additional 5% income tax on people with taxable income in excess of $1 million. (on top of an existing 5% state rate) At the time of the passing of the law there were 3000 people in the Peoples' Democracy of Maryland who fit this criterion. They projected at least an additional $150 MILLION dollars plundered from these people to the benefit of the politicians over and above the $150,000,000 that was already being extorted. The comptroller of MD was quoted as saying "they'll grin and bear it." The liberal rag the Baltimore Sun was all in praise of the tax (ever met a newspaper editorial board that wasn't in favor of a tax?)
Cut to one year later: there were 1000 people filing in Md who met the supertax criterion. SO prior to passing the "millionaire supertax Maryland looted their richest citizens of $150,000,000, and the rapacious politicians in Annapolis thought to squeeze another $150,000,000 out of the same group. If you do the math you'll see that the government stole $150,000,000 from this group the year before the tax passed, but that revenue dropped to $100,000,000 the next year.
They lost $50,000,000 due to their stupidity and greed. Doubtless some people fell out of the group due to economic conditions, but the bulk simply moved to places like Delaware, Virginia and Florida to avoid the additional $50,000+ tax bite. The Md media didn't follow up too hard on the politicians who were responsible for this lesson in practical economics, so I don't know that the comptroller said about the loss of revenue.