It is almost like economic incentives work. Massachusetts saw $4.2B income outflow after millionaire surtax took effect - InvestmentNews
Massachusetts residents who left the state took a net $4.2 billion in adjusted gross income with them in 2023, a year that marked the first full year of a new surtax on millionaires, according to recently released Internal Revenue Service migration data.
The outflow was among the largest totals in the country and represented an 8% increase from the prior year, even as the pace of departures slowed. The net number of tax returns from outgoing residents fell 36% from 2022 to 2023, the data from February showed, suggesting fewer movers overall but more income attached to those moves.
So they raised taxes on the "rich" - top earners - nearly doubling the tax rate from 5 percent to 9 percent. Is anyone shocked that those high earners left the state?
Beyond Massachusetts, several Democrat-led states have approved or are considering similar taxes on top earners – with California and New York being on the front lines – and Washington lawmakers advanced a millionaires tax proposal this month, with an effective date of Jan. 1, 2028.
Two states people are already leaving as fast as they can find a UHaul truck.
It is always about raising taxes, never about cutting costs. It is never about rooting out the fraud, that we know exists. It is always about taking more money from the citizens.
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