[pmiller2]

I'd love to see that experiment played out, but I suspect your "no loopholes for the rich" would cause them to flee to another state. States don't have the ability to tax anyone who is not a resident. On the federal level, this would not necessarily be so, since we can make it incredibly expensive for billionaires to renounce citizenship, by implementing a progressive "exit tax" that includes assets in the calculation.

[jsanford9292]

Exactly. I think the country example would be similar to the state with billionaires leaving but more importantly, companies leaving due to the higher corporate tax rate that would be necessary to finance these social programs. Medtronic and Pfizer are good early examples of this phenomenon.