Said point being that the wealthy have the assets and the wherewithal to avoid taxation when they think those taxes are excessive. And that means that lower tax jurisdictions, a/k/a “tax havens”, can actually benefit from the increased economic activity.
Another famous example was gentleman farmer John Lennon, who with Yoko Ono fled the 90% marginal tax rates of Great Britain for the more favorable tax situation in the U.S. The marginal rate was still 70% or so in the States, but the tax shelter created by the dairy farm allowed him to keep some of the dough he earned while he perpetuated his “Give Peace a Chance” image.
Good for you, Sen. Kerry. Enjoy your boat, and watch out for windmills.