In 2017, the Spanish government revised a law to change a regulation, known as the “Beckham law”, on foreign athletes. This revised law now requires foreign professional athletes to pay the standard Spanish tax rate of 45 percent on earnings of more than 60,000 euros, up from the 24 percent rate on all earnings established by the original 2005 law. For top-quality players, the elasticity of migration under the Beckham law was estimated to be 1.87 based on the average annual tax rate.
Using this estimate of elasticity, what impact will this increased tax rate have on the migration of top-quality players in Spain?