To be a little more clear than this headline would suggest, it’s not a 4% tax on millionaires. It is a 4% tax on people making over $1M per year. That’s a pretty far cry from someone who simply owns a house, retirement fund, or a stock portfolio worth over $1M. And it’s going to education and infrastructure. I would fully support this tax if I lived in the state.
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A lot of people learned their lesson about moving to avoid income tax in the past 3 years. Surprise, a lot of rich people and businesses ended up moving back to the states they shit on a couple years earlier. Including Elon Musk who makes waaaaay more than $1m
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Is there actual evidence of this? I think FL and TX are still large net population gainers over the past few years, while MA, NY, CA all lost population. I have no idea about the net moves by income bracket though
Tesla moving back - https://www.forbes.com/sites/brianbushard/2023/02/22/tesla-engineering-headquarters-will-open-in-california-musk-announces/
More people moving to CA than leaving - https://www.cbsnews.com/sacramento/news/mass-exodus-recent-data-shows-more-people-moving-to-california/
2/3 of female employees would not relocate to Texas for work - https://commercialobserver.com/2021/09/two-thirds-of-employees-wont-move-to-texas-after-abortion-law-survey/
This article also talks about several large companies paying to relocate employees out of Texas ^
You have to keep in mind, the whole abortion thing is fairly new, but quickly taking over red states. Add that with your comp being lower in red states and people learned a lesson the hard way.
Rich people like money, but they like having rights and not freezing to death without electricity more. Ask Ted Cruz lmao
This is the best summary I could come up with:
Massachusetts’ new 4% millionaire’s tax is giving a major boost to education and transportation initiatives in the state.
Maura Healey last week signed a $55.98 billion state budget for the 2024 fiscal year to spend the money.
The state’s budget “makes significant investments in schools, child care, clean energy, the environment, and access to mental and physical health care,” Healey previously said in a statement.
The signing of the budget made Massachusetts the eighth state to adopt a plan for free school lunches since the expiration of federal free school lunches that had emerged during the COVID-19 pandemic.
Here’s a complete breakdown of how the $1 billion revenue from the millionaire’s tax will be spent, according to the governor’s office:
A spokeswoman for Healey’s office told Insider: “This establishes a blueprint for how this revenue will be tracked and spent in future years on priorities in education and transportation, as directed by the voters.”
I’m a bot and I’m open source!
I guess it’s also a good list of how to cut spending to undo those taxes
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