Unintended Tax Consequences: Modeling the Effects of the Millionaire’s Tax on Massachusetts’ Economic Future

Share on Facebook
Share on Twitter
Share on
LinkedIn
+

Hubwonk host Joe Selvaggi talks with Beacon Hill Institute President Dr. David Tuerck about his recent analysis of the proposed 4% surtax on incomes over $1 million in Massachusetts, and his estimate of the number of individuals who will leave the state as a result. Tuerck, an economist, used STAMP modeling tools comparing the static projections offered by proponents of the so-called “Fair Share Amendment” with a model simulation that accounts for the unintended effects of the tax.

Read about the Beacon Hill Institute study. Read related research from Pioneer Institute.

Guest:

David G. Tuerck serves as president of the Beacon Hill Institute.  From 1982 to his retirement in 2020, he served on the economics faculty at Suffolk University. In 2021, he was awarded the status of Professor Emeritus by the Suffolk University Board of Trustees. Prior to joining Suffolk University in 1982, he was a director in the Economic Analysis Group at Coopers & Lybrand, Washington, DC. Prior to that, he served as director of the Center for Research and Advertising at the American Enterprise Institute. Dr. Tuerck holds a doctorate in economics from the University of Virginia. His dissertation director was James M. Buchanan, 1986 Nobel Laureate in Economics.

Get new episodes of Hubwonk in your inbox!

Related Posts

Train Wreck Averted: Labor Ties American Economy to the Tracks

This week on Hubwonk, host Joe Selvaggi talks with Dominic Pino, Thomas L. Rhodes Fellow at the National Review Institute, about his research and writing on the recently averted rail strike, including how the rail industry is organized, what labor’s demands were, and how the prospect of a nationwide rail strike exposed vulnerabilities within the American economy.

Gargantuan Graduation Gift: Biden Writes Check From Taxpayers To College Grads

This week on Hubwonk, host Joe Selvaggi talks with Dr. Beth Akers, AEI Senior Fellow, about the recent presidential executive order to cancel an estimated $500 billion in outstanding student debt. They explore who benefits, who pays, and the likely effects on tuition and the borrowing habits of future students.

MBTA’s Runaway Crisis: Legacy of Neglect Demands Comprehensive Reform

This week on Hubwonk, host Joe Selvaggi talks with Andrew Bagley, Vice President for Policy and Research at Massachusetts Taxpayers Foundation, about their recent report entitled, The MBTA Crisis is Complicated - Fixing It Will Be Too, diving into the details on why the T is in crisis and what the public must demand of policy makers to get it back on track.

The Taxman Cometh: Who Will Pay When the Newly Funded IRS Knocks?

This week on Hubwonk, host Joe Selvaggi talks with Heritage Foundation senior research fellow Rachel Greszler about the $80 billion investment in the Internal Revenue Service, focusing on the promise to limit enhanced enforcement to high earners and whether the IRS will likely need to expand its net.

Civil Society’s Stockade: Protecting Pluralism From Progressive Puritanism

This week on Hubwonk, host Joe Selvaggi talks with Noah Rothman, associate editor of Commentary magazine, about his recently released book, "The Rise of the New Puritans: Fighting Back Against Progressives' War On Fun," examining how the attempt to remoralize American culture mirrors similar social movements in the past and what concerned onlookers can do to better manage this frenzied phenomenon.

Drug Price Control: Bad Medicine for Healthcare and Region

Hubwonk host Joe Selvaggi talks with Dr. Bill Smith, Director of Pioneer Institute’s Life Sciences Initiative, about the impact of the Inflation Reduction Act on long-term health costs. They discuss the bill's unintended consequences, potential effect on the region’s vibrant pharmaceutical research and development sector, and what citizens can do about it.

Other People’s Money: Fair Share’s Populist Promises and Problems

This week on Hubwonk, host Joe Selvaggi talks with Boston Globe columnist Jeff Jacoby about November’s Massachusetts Ballot Question 1, the so-called Fair Share Amendment. They examine both the merits and timing of a graduated state income tax, as well as the effects on society of creating separate categories of taxpayers, and the dangers of setting the many against the few.

Law Enforcement Dividend: Who Benefits When Crime Is Prevented?

This week on Hubwonk, host Joe Selvaggi talks with Rafael Mangual, Manhattan Institute senior fellow, about his newly released book, Criminal (In)Justice, examining where crime is occurring in the U.S., what types of crimes those in the prison systems have committed, and the tradeoffs faced by society when considering defunding the police and reducing prison populations. 

Final Election Verdict: Conservative Compendium Comprehensively Closes 2020 Challenge Cases

This week on Hubwonk, host Joe Selvaggi talks with Ilya Somin, author and George Mason Law professor, about the newly released report on all court challenges to the 2020 presidential election entitled, Lost, Not Stolen, exploring what its authors intended to achieve, what its readers can learn from its findings, and whether such intra-party scrutiny can serve to reassure voters that their concerns about election integrity have had their day in court.

Supreme Court Shift: Interpreting Changes in Justices, Majorities, and Philosophies

This week on Hubwonk, host Joe Selvaggi talks with Ilya Shapiro, constitutional scholar, author, and senior fellow of Constitutional Studies at the Manhattan Institute, about the changing makeup of the court, and how this term’s most high-profile decisions reveal the judicial philosophies that comprise the current bench.