kottke.org
A Massachusetts “millionaire’s tax” (extra 4% tax on $1M+ incomes) has earned the state more than $1.8 billion in income for fiscal 2023. That’s about double the estimates and the funds will be spent on education and transportation. https://www.wgbh.org/news/politics/2024-05-21/millionaires-tax-revenue-reaches-1-8-billion-on-pace-to-double-estimates
Millionaires tax revenue reaches $1.8 billion, on pace to double estimates

Massachusetts has collected about $1.8 billion from a voter-approved surtax on the state's highest earners through the first nine months of the fiscal year, the Department of Revenue said Monday in a quarterly report.

GBH
May 22, 2024 at 5:06pmkottke bot
Show threadJacob CampbellMay 22, 2024
@kottke hopefully more states start to follow suit.
Show threadTC Won't Give In To LiesMay 22, 2024

@kottke
Well, well, well

So, in Massachusetts, a #WealthTax did *not* scare away the rich and did *not* fail to raise revenue 🤣🤣🤣

When can we stop lying and tax where the money is? #TaxTheRich

Show threadC.S.StrowbridgeMay 22, 2024

@TCatInReality @kottke

I was about to say the same thing.

Show threadA HotdogMay 22, 2024
@kottke Forrest Gump: “And just like that…”
Show threadCodeByJeffMay 22, 2024
@kottke but didn't all the rich people just move away...? 🤷
Show threadTheologos SosonisMay 25, 2024

@kottke @siracusa This will end up being one more incentive for the wealthy to leave. As happens in California and NY. When tax rates become confiscatory, people will leave and the ones that can afford/able to do so, are the more wealthy usually.

https://www.wgbh.org/news/local/2023-05-30/massachusetts-residents-are-leaving-the-state-why-and-where-are-they-going

https://x.com/bostonglobe/status/1780965216861175851?s=46

Massachusetts residents are leaving the state. Why? And where are they going?

A net 110,000 residents relocated to other states in just over two years — the highest number in 30 years.

GBH
Show threadJohn SiracusaMay 25, 2024
@sosonis @kottke Sounds like we should do it nationwide.