Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
I love that the main criticism is that this will cause the ultra wealthy to leave the state. That just seems like a reason to implement this nationwide rather than at the state level.
I mean, an eroding tax base is a problem. I just think the solution is to drag them kicking and screaming to pay back into the system that enabled them to become so stinking rich rather than chasing them off/eating them. The Guillotine of the first French Republic sure did feel good until the reign of terror rolled in.
Technically the people who buy elections via Campaign Funding and Political Endorsement are almost never actually in the state they’re buying the elections of. Reminds me of The Southern Strategy, when Republicans invested heavily in the south to stoke the flames after LBJ signed the Civil Rights Act.
Even if it’s not implemented nation wide, there’s the implication that the state is losing something by these people leaving. I suspect they’re contributing little by being there though.
I mean, if they leave, that tax revenue drops, meaning the goodies you gained may have to be dropped. The concern is whether it is sustainable long term
What tax revenue drops? Before the change they weren’t paying the additional tax, and now they aren’t paying it if they leave, so nothing is lost on that account. The state loses whatever taxes they were paying originally; given that they’re annoyed enough to leave over an increase that suggests that they were already finding ways to minimize their tax payments. Thus, by them leaving, the state is likely losing a small amount of revenue. Given that each person has a cost to the state, the net effect will be even smaller.
Surely there’s a point at which taxes drive away enough people that it doesn’t work, but it’s clearly not the case for this particular implementation.
I love that the main criticism is that this will cause the ultra wealthy to leave the state. That just seems like a reason to implement this nationwide rather than at the state level.
What, the people who buy elections are fleeing? Sign me up for that.
I mean, an eroding tax base is a problem. I just think the solution is to drag them kicking and screaming to pay back into the system that enabled them to become so stinking rich rather than chasing them off/eating them. The Guillotine of the first French Republic sure did feel good until the reign of terror rolled in.
Technically the people who buy elections via Campaign Funding and Political Endorsement are almost never actually in the state they’re buying the elections of. Reminds me of The Southern Strategy, when Republicans invested heavily in the south to stoke the flames after LBJ signed the Civil Rights Act.
There are already places (in the U.S. and other countries entirely) with far, far lower taxes than MA. Why haven’t rich people moved already?
Yea except I’m sure our federal government would just blow it on more missles and bullets. At least here it’s doing good things like feeding kids.
Fun fact! Where do you think those missiles are designed? It’s not all universities in Boston.
Even if it’s not implemented nation wide, there’s the implication that the state is losing something by these people leaving. I suspect they’re contributing little by being there though.
I mean, if they leave, that tax revenue drops, meaning the goodies you gained may have to be dropped. The concern is whether it is sustainable long term
What tax revenue drops? Before the change they weren’t paying the additional tax, and now they aren’t paying it if they leave, so nothing is lost on that account. The state loses whatever taxes they were paying originally; given that they’re annoyed enough to leave over an increase that suggests that they were already finding ways to minimize their tax payments. Thus, by them leaving, the state is likely losing a small amount of revenue. Given that each person has a cost to the state, the net effect will be even smaller.
Surely there’s a point at which taxes drive away enough people that it doesn’t work, but it’s clearly not the case for this particular implementation.
deleted by creator
What are you trying to show?
You didn’t have to make $1,000,000 per year to buy a $600,000 house.
deleted by creator
deleted by creator