I have no horse in this race, but will be an interesting economic experiment if these proposed tax policies get implemented.

Both corporations and HNWI are sensitive to increases in marginal tax rates. And while most won't move, even a small % that do move to Florida or Connecticut will have a big impact on the budget.

Most knowledge work is not rooted in a physical place, e.g. the NYSE floor doesn't matter, so physical space is more fungible both across state lines and remote work more generally.

What is not easily measurable is future businesses that get started elsewhere. The next hedge fund—which pays taxes and spends a lot of money on services in the city—ends up in another state.

San Francisco has tried this with Prop C and Prop L and both are underperforming forecasts (not to mention the impact on all the local businesses with fewer workers in office buildings downtown).

If you're a fan of these policies, they only really work at the federal level since American citizens (and green card holders) have to pay taxes wherever they live (except for Puerto Rico).