Wealthy Americans are leaving some U.S. states but they're aren't coming here

Former Citicorp Inc. chief executive Walter Wriston once said “ capital goes where it’s welcome and stays where it’s well treated.” The line has become tax-policy wallpaper. It is, nevertheless, the most useful sentence for thinking about what is unfolding in some jurisdictions, including certain states south of the border.

In late April, the SEIU United Healthcare Workers West announced it had collected approximately 1.5 million signatures suppor...