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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] 20 points 5 months ago (3 children)

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

[–] [email protected] 28 points 5 months 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.

[–] [email protected] 25 points 5 months 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.

[–] [email protected] 7 points 5 months 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.

[–] [email protected] 14 points 5 months 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.

[–] [email protected] 1 points 5 months ago

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