‘Millionaires tax’ has already generated $1.8 billion this year for Massachusetts, blowing past projections : usa

[–] [email protected] 128 points 6 months ago (3 children)

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.

[–] j4k3 37 points 6 months ago

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.

[–] [email protected] 15 points 6 months ago

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/

[+] [email protected] -30 points 6 months ago (1 children)

Exactly what’s happening, actually: https://pioneerinstitute.org/news/study-net-out-migration-of-wealth-from-massachusetts-nearly-quintupled-from-2012-2021/#:~:text=Between%202019%20and%202021%2C%20Massachusetts,to%20%244.3%20billion%20in%202021.

[–] WagnasT 51 points 6 months ago (2 children)

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.

[–] [email protected] 4 points 6 months ago (1 children)

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.)

[–] RestrictedAccount 16 points 6 months ago (1 children)

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.

[–] [email protected] 2 points 6 months ago

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? :)

[+] [email protected] -24 points 6 months ago (2 children)

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

[–] WagnasT 26 points 6 months ago

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.

[–] [email protected] 10 points 6 months ago (1 children)

Cool, let's make every state force these leeches to pay their fair share. Solved.

[–] Hobbes_Dent 76 points 6 months ago* (last edited 6 months ago) (2 children)

Ooh ooh now do billionaires.

I know it’s not just millionaires, but they should feel the name shame.

[–] Anticorp 16 points 6 months ago* (last edited 6 months ago)

Well... Based on the logic behind this bill, billionaires should have additional taxes on top of the millionaire tax. Since a billion dollars is 1000x more money than a million dollars, we should tax them, let's see... 0.04x1000=40, an extra 40%!

[–] blanketswithsmallpox 4 points 6 months ago

Quit shaming me for not being a billionaire. Damn librul agenda making me embarrassed trying to steal my food stamps.

[–] [email protected] 70 points 6 months ago

Super straightforward and basic idea goes BRRR

[–] AlternatePersonMan 64 points 6 months ago (1 children)

That is a lot of money for a state.

In Minnesota, we raised sales tax for a county of 1.2 million people for 20 years to pay $355 million for the Twins stadium.

This money could fund schools, or public transportation, or just tax cut for the people that actually need the money.

Increase the millionaire tax.

[–] Potatos_are_not_friends 16 points 6 months ago (1 children)

$1.8 billion can buy your state 6 new stadiums!

[–] [email protected] 6 points 6 months ago

Or something actually useful

[–] [email protected] 42 points 6 months ago

We the people have decided to take control of the trickling down, because we haven't been seeing any trickling

[–] Fedizen 36 points 6 months ago

Massachusetts can build a fucking railroad with this money

[–] jorp 22 points 6 months ago (3 children)

Wow haven't they heard of capital flight? All of the millionaires are gonna leave or something

[–] [email protected] 39 points 6 months ago (2 children)

Some will, but probably not that many. There are still plenty of millionaires in California in spite of the state’s tax law.

[–] [email protected] 35 points 6 months ago (1 children)

Yeah, people with all the money in the world are gonna give up their Malibu mansions with private beaches and sick views to move to North Dakota to avoid taxes 🙄

I guess super rich people in Boston might move to New Hampshire but it’s still a huge step down in amenities, proximity to workers (for the job creators), and social events (for the benefactors). And then your adult children are borrowing the helicopter to go everywhere.

[–] [email protected] 12 points 6 months ago

They're also not suffering at all whatsoever right now and can easily afford it. Some even are open to just paying a tax if it means people feel less hungry for their faces.

[–] [email protected] 17 points 6 months ago (1 children)

And give up all those connections in the state.

Nah the vast majority of rich people will probably stay but they will whine about the necessary tax increases like always.

[–] [email protected] 13 points 6 months ago

4% tax increase for income over $1M? Jeez, time to move out

[–] eran_morad 22 points 6 months ago

muh trickle down

[–] ProIsh 17 points 6 months ago (1 children)

Oh no! Now we won't get that trickle down!

[–] [email protected] 12 points 6 months ago

We get mandatory trickle down now haha

[–] [email protected] 4 points 6 months ago

Fund those services!

[–] Anticorp 2 points 6 months ago

I can haz some?

[–] LeroyJenkins -1 points 6 months ago

too bad it's Massachusetts though and all that money is going to funnel into the pockets of politicians via corrupt public works projects.

[+] [email protected] -25 points 6 months ago (1 children)

You're an expert in economics. Explain why it takes time for capital flight to occur and what's the expected population decay expected in Massachusetts given the current policies. Make note of supply and demand curves. Use less than five sentences.

[–] [email protected] -2 points 6 months ago

Capital flight takes time because investors must liquidate assets, navigate regulatory hurdles, and identify safer investments, all of which are complex and time-consuming processes. Population decay in Massachusetts due to current policies is expected as high taxes and living costs push residents to more affordable states, shifting the supply and demand curves for housing and labor. The supply curve for housing may increase, lowering prices, while the demand curve for labor may decrease, reducing wages. Over time, these economic adjustments can significantly impact population dynamics and economic stability in the state.

United States | News & Politics