It was supposed to raise $9 billion, but instead killed the yacht building industry.
Great example—the yacht building industry just moved a few miles offshore.
Billionaires own more than one home in different states—so it is trivial for them to close down the home in the high tax state—and replace it elsewhere at their convenience.
The computer/cell phone age has made location less and less import so it has become much easier to avoid high tax areas—and that trend will continue.
Of course the billionaires hire the best tax advisors on the planet to identify any loopholes that may exist—and those will be maximized by any billionaires who do stick around...
Sinple rule—you don’t get to become and stay a billionaire by paying high taxes!
I recall the Recreational Vessel Fee 1991, which was required of all boats on waters accessable to the ocean or had a coast guard presence.
Very few paid it, and I steadfastly refused on principle. It was repealed after a single year due to non-compliance and public outrage.