Painting a Phony Rosy Picture By Numbers: 7 Reasons the Institute for Policy Studies Gets It So Wrong
The Institute for Policy Studies’ report on millionaire surtaxes reads much the same way: a rosy story spun from selective numbers, wishful thinking, and an eagerness to ignore the warning signs. The new study claims that Massachusetts’ 2022 surtax on millionaires has produced a windfall of new revenue — without scaring away the wealthy. According to the report, higher taxes have coincided with an increase in the number of millionaires and a surge in overall wealth. It sounds like a fairy tale. Unfortunately, it’s one painted with numbers that don’t hold up under scrutiny.