And the millionaires aren't going anywhere, for the most part.
Excellent update on year 2 of this program:
Last May, we were very happy to report that the Millionaire Tax instituted in the state of Massachusetts was working out very well, not scaring off all of the rich people, and raising funds for necessary education and transportation initiatives. The state had raised $1.8 billion — $800 million more than they predicted — and none of the terrible things the naysayers had predicted happened at all. But how are things going a year later? Even better! The tax has now generated $3 billion more than expected, for a total of $5.7 billion that has been spent on projects that are positively benefiting Massachusetts residents and “being used to bridge repairs, bolster literacy programs and address the transportation system’s budget deficit.” In case you need a refresher, the tax is a 4 percent tax on anything people make over a million dollars.
Official Post of Massachusetts
This article has a great way of framing tax alarmists for the hypocrites they are. It’s woven neatly through the whole article, but this quote really sums it up:
Sure, people complain. Rich people are always going to complain about taxes. But they never flee the way they threaten to, largely because whether or not they like to admit it, they prefer to live in the kinds of areas where things are made nicer by the taxes they don’t want to pay.
Tax the rich. Most of them won’t notice and even more of them won’t care
