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Filename A-Timely-Tax-Cut-WP.pdf
Filesize 1 MB
Version 1
Date added October 7, 2021
Downloaded 243 times
Category Economic Opportunity, Massachusetts Economy, White Papers

Date: October 7, 2021

Author: Andrew Mikula

As Massachusetts voters weigh an amendment to the state constitution to enact a surtax on million-dollar earners, they should be cognizant of how the policies of other states could interact with the tax hike to encourage an exodus of jobs and capital, especially in proximate jurisdictions. New Hampshire is a neighboring state that has already benefited from out-migration from Massachusetts to the tune of over $426 million in taxable income in 2019 alone. A new budget amendment there, passed in July 2021, will eliminate the interest and dividends tax by 2027, contributing to a divergence in tax policy that might attract an increasingly mobile workforce and entrepreneurial base.