‘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 Boston Globe
Ooh ooh now do billionaires.
I know it’s not just millionaires, but they should feel the name shame.
Quit shaming me for not being a billionaire. Damn librul agenda making me embarrassed trying to steal my food stamps.
Super straightforward and basic idea goes BRRR
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.
$1.8 billion can buy your state 6 new stadiums!
Or something actually useful
We the people have decided to take control of the trickling down, because we haven't been seeing any trickling
Massachusetts can build a fucking railroad with this money
Wow haven't they heard of capital flight? All of the millionaires are gonna leave or something
Some will, but probably not that many. There are still plenty of millionaires in California in spite of the state’s tax law.
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.
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.
4% tax increase for income over $1M? Jeez, time to move out
Oh no! Now we won't get that trickle down!
We get mandatory trickle down now haha
The idiots crying in the comments for the poor millionaires :D
Is 1mil$ usd in free assets enough to be considered one or is this like not cutting it anymore?
Cause I always have problems where to put myself in this debate. I still wanna evade taxes but also want to be able to shit at rich ppl for free points online
Tax wise I am a fucking farmer can you believe. I played manor lords and stardew valley though
Fund those services!
too bad it's Massachusetts though and all that money is going to funnel into the pockets of politicians via corrupt public works projects.
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.
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.
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/
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.
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.