‘Millionaires tax’ has already generated $1.8 billion this year for Massachusetts, blowing past projections
‘Millionaires tax’ has already generated $1.8 billion this year for Massachusetts, blowing past projections
The estimated haul is already $800 million more than what Governor Maura Healey and state lawmakers planned to spend from its revenue in fiscal year 2024.
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But don't you know, you can't tax the wealthy, they'll just leave! It'll never work, and you'll never get more income.
Not when you're tech centered. Look at the top occupation for immigrants by state. They are all maids care workers, construction and farm hands... except Massachusetts. In Massachusetts the top immigrant job is programming.
There are some interesting articles about supporting the greater good improves wealth generation.
https://minnesotareformer.com/2024/05/06/the-timberwolves-are-crushing-just-like-minnesota/
the tax started in 2023 and the ''study'' you linked shows data from 2019-2022, and they're bemoaning that the 1% has to pay 23% of the income taxes. I'm sure they'll be happy in Florida.
New York has had the problem of greedy people leaving right? To the point they’d check your cell records and where you get your teeth cleaned, if you’re a millionaire claiming to leave NY to FL. (They expect you might fly back to New York to see your doctor, but they’re suspicious if you’re not at least getting your teeth cleaned in Florida.)
You are describing tax fraud not out migration.
They are kind of opposites.
If they were actually leaving, they wouldn’t have to hide the fact that they are still in NY.
If I got your point wrong because of sarcasm, sorry but please use the /s next time.
My memory of it:
New York takes in outsize revenue from very wealthy people.
Flight of wealth becomes critical funding issue.
To partially mitigate the problem, it becomes worthwhile to investigate those who claimed to be leaving.
Flight of wealth remains critical funding issue.
So, yes, I was describing fraud - and the investigations thereof driven by out migration. Does my comment seem less of a non sequitur now? :)
So if they’re already leaving because of high taxes, and they tax them even more, guess what…even more will leave. It’s not speculative, it’s happening. The top quintile pays 90+% of taxes. Driving them out ultimately means loss of revenue for the state
I don't need to waste my time but you amuse me. For fun I'll only use the source you provided.
if they’re already leaving because of high taxes
Citation needed, the source you linked says they're leaving because WFH became popular during the pandemic, not because of high taxes.
The chart shown is for earners making more than 200k, whom are not the target of the millionaire tax.
The opinionated article then goes on to say the largest block of folks leaving are age 55-65, and they're mostly moving to Florida. This is not a new trend, but I'll admit I'm not going to dig up a source to prove that it's not new. That being said nothing you've cited shows that retirees are leaving because of the millionaire tax, only that FL doesn't have state income tax.
You're free to draw whatever conclusions you want from the data provided but I don't see how it's at all relevant to the post.
Cool, let's make every state force these leeches to pay their fair share. Solved.
The top 15% already pay over 97% of tax revenue while the bottom 51% not only pay nothing, many actually make money. So who are the leeches, again?
What percentage of their income do billionaires and corporations pay? The stats you bootlicking self flagellates like to point at mean actually nothing.
More than you. And I’m not a bootlicker, I’m the boot…and I’m tired of the government trying to find ways to take more of my money to give to underachieving losers
Right. So tax the oligarchs enough that they pay what they owe society, and then we can tax regular people less. Solved.
Source?