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Started By
Message
re: Massachusetts lost $4B of income after millionaire tax
Posted on 3/20/26 at 11:00 am to HubbaBubba
Posted on 3/20/26 at 11:00 am to HubbaBubba
quote:
Paywall
Gotta make that $4B back somehow.
0
Posted on 3/20/26 at 11:03 am to bad93ex
quote:
Massachusetts lost $4B of income after millionaire tax
Let it burn.
Posted on 3/20/26 at 11:10 am to Deuces
quote:
More taxes always equals more income!
to be fair it did create an additional $6 Billion for the state
Posted on 3/20/26 at 11:23 am to TigerintheNO
quote:
to be fair it did create an additional $6 Billion for the state
Yet somehow still had a budget deficit in 2025.
$650M budget shortfall
Posted on 3/20/26 at 11:33 am to bad93ex
As long as they stay out of Florida and South Carolina, I could care less
Posted on 3/20/26 at 11:46 am to Lsupimp
quote:
Who cares if tax receipts decline and services are cut. It’s a hell of a lot better than Democrats having to take the “ Eat the Rich” bumper stickers off their cars.
If I read it correctly, the title is misleading.
The residents who left MA since the millionaire tax was implemented took $4b of personal income with them.
MA’s tax receipts over that same time period are up $6b.
Posted on 3/20/26 at 11:54 am to back9Tiger
quote:
All this will be is a transfer of stupid voting now in Red areas. In effect, they are going to turn some red states purple. Keep their asses in these cesspool areas so they don't wreck it for the rest of us.
In a world that isn't the inverse of logic, these blue areas would flip red. But we're in a world that is the inverse of logic.
The people remaining behind won't charge their voting habits. They may well elect new politicians, but it will just be more blue politicians than are even more radical than their predecessors. And not only that, but most of these areas have their gerrymandering and systems in place to ensure that no "flips" occur. I'm just happy to see that more Americans are now realizing that we can't vote our way out of this mess. Perhaps we will soon begin discussing the alternatives, uncomfortable as they may be.
Posted on 3/20/26 at 12:00 pm to highcotton2
quote:
Behind a paywall so no idea what the actual story says. How does it jive with this article
No one read the article. They are just feasting on the headline.
From the original article:
quote:
more than $6 billion in revenue
So some people are moving but the tax is generating income for the state.
It’s a 4% tax. I don’t feel bad for the millionaire
This post was edited on 3/20/26 at 12:02 pm
Posted on 3/20/26 at 12:19 pm to Cito2point0
quote:
No one read the article. They are just feasting on the headline.
So $4B of income leaving a state is a nothing-burger?
Posted on 3/20/26 at 12:28 pm to bad93ex
May have been too late for those fleeing to impact tax revenue for last year. Next year may be the big decline in state revenue with big tax bases.
I know the NY governor is crying and singing the blues about the wealthy fleeing her state, so the writing is on the wall. And they know it.
I know the NY governor is crying and singing the blues about the wealthy fleeing her state, so the writing is on the wall. And they know it.
Posted on 3/20/26 at 12:56 pm to TigerAxeOK
Yep. Democracy inevitably leads to government playing favorites: taking from some to give to others. And more democracy wont end it.
Posted on 3/20/26 at 2:12 pm to bad93ex
quote:
Massachusetts tax collections for fiscal year 2025 totaled
$43.708 billion, a 7.1% increase over FY2024 and 5.1% above the benchmark
So they have lost 9% of their income. And they are already in the red.
Posted on 3/20/26 at 2:13 pm to JasonDBlaha
quote:
As long as they stay out of Florida and South Carolina, I could care less
SC is slam full of buckeyes.. ...our roads are horrid.
Posted on 3/20/26 at 2:20 pm to bad93ex
And this is how red cities turn blue. Atlanta metro, Nashville, Charlotte and soon to be Huntsville. They escape high taxes only to vote Dem’s in and get more taxes. I would rather they stay where they are.
Posted on 3/20/26 at 2:29 pm to TigerAxeOK
quote:
But we're in a world that is the inverse of logic.
When I was working in Boston (near MIT,) at least 10% of cars I saw parked in garages were from out of state, primarily New Hampshire. Mass had to have known it would do this.
Posted on 3/20/26 at 2:47 pm to bad93ex
Happens every single time.
John Kerry moored his yacht out of state so he didn’t have to pay taxes on it.
Rules for thee but not for me!
John Kerry moored his yacht out of state so he didn’t have to pay taxes on it.
Rules for thee but not for me!
Posted on 3/20/26 at 4:15 pm to bad93ex
quote:
So $4B of income leaving a state is a nothing-burger?
It's not $4B of state income. It's $4B in reported AGI, of which the "millionaire's tax" would have generated $160 million to the state. This $160 million "loss" compares to $6B in millionaire's tax (reportedly) collected.
That said, losing $4B in AGI is a big deal. Mass will rely on fewer and fewer to pay more and more as time goes on. It can't happen fast enough, as far as I'm concerned.
This post was edited on 3/20/26 at 4:16 pm
Posted on 3/20/26 at 4:20 pm to bad93ex
They shoulda tried harder....
Posted on 3/20/26 at 5:14 pm to SoFla Tideroller
quote:
I guess all those British actors and rockers fleeing Great Britain in the 60s and 70s for tax reasons wasn't example enough
The first time I ever came across “tax exile” was when I was a teenager reading a book about Led Zeppelin. I had no idea they couldn’t enter their own country more than 90 days in a year or have 90% of their income seized. That was ridiculous. Id live in another country too if mine had policies like that.
Posted on 3/20/26 at 5:20 pm to LemmyLives
quote:
When I was working in Boston (near MIT,) at least 10% of cars I saw parked in garages were from out of state, primarily New Hampshire. Mass had to have known it would do this.
When Mario Cuomo was governor of NY, he’d send state police to the parking lot of a nearby mall in New Jersey. They drove around and recorded every tag from NY. The intended purpose was to see if the NY state government could fine those shoppers for avoiding NY taxes, fees and surcharges. They never found a legal way to do it.
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