Massachusetts’s New Tax on High Earners Brings in $1.8 Billion in its First Year
Concerns Grow as Massachusetts Faces Increasing Out-Migration and Economic Losses
According to the published article in the Daily Caller, Massachusetts started a new tax for people earning over $1 million, bringing in $1.8 billion in its first year. People who like the new tax say it’s a win, but others warn against celebrating too soon. They say new taxes can affect where people live, and while some might stay despite higher taxes at first, more might leave over time, making things worse.
Even before this new tax, Massachusetts lost households, and the trend worsened. The state lost a lot of money from people leaving. A study says it could lose even more households and money by 2030 if things don’t change. This shows that high new taxes could make people leave, hurting the state’s economy.
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$1.8 Billion in New Tax Revenue, 96,000 Households Lost: The Millionaire Tax’s Uncertain Future – Check It Out! (PHOTO: Le Monde)
High New Taxes in Massachusetts Could Exacerbate Out-Migration and Economic Challenges
Furthermore, while Massachusetts is good in areas like healthcare and education, it’s not so great when it comes to new taxes, housing, and healthcare costs. Other states look better in these areas. If Massachusetts keeps raising new taxes, it might push more people away. Lawmakers should think carefully about this, as trying to solve one problem with new taxes could make another problem worse in the end.
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