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‘Millionaires tax’ has already generated $1.8 billion this year for Massachusetts, blowing past projections (www.bostonglobe.com)

submitted 5 months ago by [email protected] to c/[email protected]

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[–] [email protected] 50 points 5 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.

[–] brbposting 4 points 5 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.)

[–] [email protected] 15 points 5 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.

[–] brbposting 2 points 5 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] -25 points 5 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

[–] [email protected] 25 points 5 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.

[–] Captainvaqina 10 points 5 months ago (1 children)

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