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

[–] solarvector@lemmy.zip 127 points 2 years 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@lemmy.world 37 points 2 years 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.

[–] MNByChoice@midwest.social 15 points 2 years 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/

[+] JesterIzDead@lemm.ee -30 points 2 years 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@lemmy.world 50 points 2 years 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.

[–] brbposting@sh.itjust.works 4 points 2 years 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@lemmy.world 15 points 2 years 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.

[–] brbposting@sh.itjust.works 2 points 2 years 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? :)

[+] JesterIzDead@lemm.ee -25 points 2 years 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@lemmy.world 25 points 2 years 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.

[–] Captainvaqina@sh.itjust.works 10 points 2 years ago (1 children)

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

[–] Hobbes_Dent@lemmy.world 76 points 2 years ago* (last edited 2 years ago) (1 children)

Ooh ooh now do billionaires.

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

[–] blanketswithsmallpox@lemmy.world 4 points 2 years ago

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

[–] webghost0101@sopuli.xyz 69 points 2 years ago

Super straightforward and basic idea goes BRRR

[–] AlternatePersonMan@lemmy.world 62 points 2 years 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@lemmy.world 16 points 2 years ago (1 children)

$1.8 billion can buy your state 6 new stadiums!

[–] delirious_owl@discuss.online 6 points 2 years ago

Or something actually useful

[–] circuitfarmer@lemmy.sdf.org 41 points 2 years ago

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

[–] Fedizen@lemmy.world 35 points 2 years ago

Massachusetts can build a fucking railroad with this money

[+] eran_morad@lemmy.world 22 points 2 years ago* (last edited 8 months ago)

[deleted]

[–] jorp@lemmy.world 22 points 2 years ago (3 children)

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

[–] davel@lemmy.ml 39 points 2 years 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.

[–] xtr0n@sh.itjust.works 36 points 2 years 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.

[–] ZombiFrancis@sh.itjust.works 12 points 2 years 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.

[–] Beaver@lemmy.ca 17 points 2 years 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.

[–] Aopen@discuss.tchncs.de 13 points 2 years ago

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

[–] ProIsh@lemmy.world 17 points 2 years ago (1 children)

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

[–] Beaver@lemmy.ca 13 points 2 years ago

We get mandatory trickle down now haha

[–] Beaver@lemmy.ca 4 points 2 years ago

Fund those services!

[–] LeroyJenkins@lemmy.world -1 points 2 years 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.

[+] C126@sh.itjust.works -23 points 2 years 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.

[–] Screemu@lemmy.dbzer0.com -1 points 2 years 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