system
Given the following post, respond as if you're commenting on Reddit:
human
Question: If the 70% tax rate on the super-rich is to be implemented (U.S.), wouldn't those affected just leave?

I am not saying I am against the idea of a 70% tax rate on the super rich, but if I had that sort of disposable income and had the ability to pick up and go to a country where I could keep that money, I would. If they did that, would it not hurt the overall economy now that these large earners are spending their money elsewhere? Thanks, guys.
gpt
Probably not. 

A few things you need to keep in mind. Politics, effective tax rate, loop holes, location of earnings.

It's possible this is just a political ploy so no one needs to get worried yet if other grounds are given. 

The proposal from A.O.C is for only income over 10 million dollars to be taxed at 70%. All money made up to that amount would be taxed the same as now or similarly based on the details of the proposal. This drops the effective tax rate to much lower because on all your income you will take home much more than 30%.  If your made $11m you probably will end up paying 40-50% taxes, not 70%.

I haven't heard discussion on whether dividend or investment or other sources of unearned income will change their tax rate. Maybe the rates for that will change as well but right now the tax on investments is only 20% for large income earners.   that's much lower than the 39% for earned income. 

America currently taxes all income made in all countries and is one of the only places to do so. That might change but what can't change is that this tax for sure applies to money made within America. If you have the ability to leave you might already have done so. However, you can't avoid paying this tax if you're still making income in America.