kottke.orgMay 22, 2024
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
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 Siracusa
@sosonis @kottke Sounds like we should do it nationwide.
May 25, 2024 at 1:30pmIvory for iOS