Where Did Oregon's Millionaires Go?

Three points.

1. The Laffer Curve is real
2. Tax rates are not the same thing as tax revenues
3. Incentives matter, still

Ducking Higher Taxes - WSJ.com: "Oregon's vanishing millionaires. Oregon raised its income tax on the richest 2% of its residents last year to fix its budget hole, but now the state treasury admits it collected nearly one-third less revenue than the bean counters projected. The sun also rose in the east, and the Cubs didn't win the World Series.
...
All of this is an instant replay of what happened in Maryland in 2008 when the legislature in Annapolis instituted a millionaire tax. There roughly one-third of the state's millionaire households vanished from the tax rolls after rates went up. If Salem officials want to find where the millionaires went, they might start the search in Texas, the state that leads the nation in job creation—and has a top income and capital gains tax rate 11 percentage points lower than Oregon's."

Additional links:
You Can't Soak the Rich or Laffer Revisited
Arthur Laffer Laughs Last - Florida Boating
Laffer - New Evidence on Taxes and Income
Michigan, Meet Arthur Laffer ...
Arthur Laffer on the 'Stimulus' Package