'As it turns out, high-earners won't leave if you increase their taxes.'
This November, the Massachusetts electorate will vote on a ballot initiative that will have profound consequences: the ability for the state to amend its constitution and levy a 4 percent surtax on all individuals that have an annual income of one million dollars or more.
The Fair Share Amendment—or"millionaire's tax" as it is known colloquially—is expected to raise significant revenue with the majority, if not all, of the monies to be invested in education and public transportation. It's of no surprise then that the initiative is very popular with Bay Staters. According to aBut its popularity has not stopped opponents from deploying recycled talking points expressed by wealth defense specialists.
of progressive excess and is listed as a reason why Massachusetts should not pass the ballot initiative. But evidence of millionaire departures due to higher taxation or even a pronounced exodus of Californians is extremely thin, even with the emergence of remote work that has made employee mobility easier.
Research conducted before the pandemic revealed that millionaires tend to stay put when income taxes are increased. Out-migration would physically disconnect them from their social and business networks and withdraw their access to a number of essential and desirable amenities. Cristobal Young and Charles Varner'salso illustrated that the number of million dollar earners in California grew even after new taxes targeting them were introduced.
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