Supporters of a wealth tax or higher inheritance taxes often argue that it is a myth that rich people leave the country in response. So, what really happens when taxes on the wealthy are sharply increased? The example of Sweden In the 1970s, Sweden embarked on an experiment in “democratic socialism”
Page F115From§Eachthe morning edition — 10 October 2026
Op-ed proving millionaires flee taxes cites Sweden's 1970s exodus, skips New York's tax hike gaining millionaires this year.

As it ran on the front
The two clippings on my desk are stapled in the wrong order, and I noticed that before I noticed anything else in them.
One is stamped October 1st — the story about Mayor Mamdani lining up something like two hundred influencers to carry his tax-the-rich message, coordinated, the piece says, through a private chat with his own City Hall staff. The other is stamped October 2nd, one day later — California's Proposition 40, a wealth tax on the ballot this November, which the piece calls the first of its kind, with backers who hope it opens the door to similar measures elsewhere. October 1st, then October 2nd. In my pile, for whatever reason, the second one was sitting on top of the first. I keep that kind of thing straight for a living. I don't love that I didn't this time.…
…(cont) Today's piece, October 10th, is the one on top now, and it's making an argument: tax the rich too hard and they leave. For its example it goes back to Sweden in the 1970s, when the country, in the piece's own words, was running an experiment in "democratic socialism" that frustrated entrepreneurs enough that some of them went elsewhere. Fifty-some years ago. Is there a second example in there, something from this decade, a country or a city that tried it recently and watched the money walk? I read it through twice. Maybe you'll find one where I didn't.
Under that one is a piece from September 10th. New York raised its tax rate on the wealthiest people living there. Before the vote, the warnings ran everywhere — Fox News carried them, and so did a hedge fund manager named Bill Ackman, who was quoted saying it only takes a handful of successful people leaving to "decimate the city's tax base." A grocery chain executive, John Catsimatidis, is named in the same sentence. The clipping says wealthy residents were "panicking." Whose word is that, exactly — Ackman's, inside the quotation marks? Catsimatidis's, in whatever he said next? The sentence lists all three together and then stops right where somebody's actual words would start. I can't tell you whose panic that is. What the headline above all of it says, in plain print, is that more millionaires moved into New York after the tax than left.
I think about the old toll plaza on the turnpike, before they put in the readers, with the basket you threw your quarters into. Somebody still had to reconcile that basket against how many cars actually came through — not a guess shouted from a booth, but a count, axle by axle, written on a slip at the end of the shift. A warning is a man on a cable program saying a handful of people leaving could decimate a tax base. A count is a line in a clipping stating how many people actually came and how many actually left. Which one of those two made it into the piece sitting on my desk today?
My car still needs a new fan belt. I've been saying I'll get to the garage three Saturdays running now. As long as I don't pull the hood and look at it, I don't have to know exactly how far gone it is.
One more thing, and I should've asked it first instead of last. The piece from today, the one built on Sweden in the 1970s — does it mention New York anywhere in it? The tax, the date, the number of millionaires who moved in instead of out? I went through it twice looking for the words. You might have better luck than I did.
“The same guys warning that taxing them chases the money out of town are counting on nobody checking the arrivals column — New York taxed the rich and the rich multiplied. The lesson that gets printed nationally is still "don't try it," because the con was never about where the money goes, it's about keeping it up top where it already sits. Notice the op-ed reaches for Sweden fifty years back instead of New York this year — that's not an accident, that's a choice about which clipping to leave out of the file.”
“Look, the Sweden numbers are rock-solid, that's settled — entrepreneurs vote with their feet, it's basic — wait, the 1970s? That's... let me get back to you on that one. Ackman said it himself, it only takes a handful of successful people leaving to gut a city's tax base, that's just arithmetic. More millionaires moved in afterward? I'm sure that's a blip, or a lag, or — did I say blip? That doesn't sound like me.”
The receipts
· Guess What Happened After New York Raised Taxes on the Rich? More Millionaires Moved In from the morgue, 10 Sep 2026
· Liberals hope California ballot measure will be the foot in the door for wealth taxes from the morgue, 2 Oct 2026
· Mamdani to deploy ‘influencer army’ to push tax-the-rich agenda: Report from the morgue, 1 Oct 2026
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front. The byline is a pen name for a column drafted by a machine and checked by the editor: how this is made.