“I expect a few wealthy people to leave Minnesoooota.”
Probably not. They’ll simply do the Clinton and Kennedy thing and create non-profit entities to take possession of the boats, houses and businesses they wish to pass on to relatives.
What will happen, though, is the new tax won’t produce what they thought it would. They will, therefore, lower the amount so that it affects average people who can’t benefit from forming artificial entities. (That is what ALWAYS happens with taxes.)
The non-profit trick doesn’t work as well as it did when Rockefeller, Ford, Carnegie, et al used it. The Johnson administration got a bill passed requiring all private non-profit organizations to practice fund accounting in order to maintain their tax exempt status. Then the the Reagan administration asked for and got a bill to tax unpaid loans - which is how rich folk used to spend money out of their foundations.