Tag Archive for: amendment

Predatory Tax Ruling: Supreme Court Closes Door on Home Equity Theft

Joe Selvaggi talks with Pacific Legal Foundation’s state legal policy deputy, attorney Jim Manley, about home equity theft, a practice that has taken 350 properties in Massachusetts, dispossessing homeowners of more than $50 million in equity.

Missing the Mark on Wealth Migration: Past Studies Drastically Undercounted Millionaires

Advocates of a constitutional amendment that would apply a 4 percent tax on all annual individual income over $1 million argue that similar taxes in other states have had little impact on the migration of millionaires, citing the research of Cornell University Associate Professor Cristobal Young, which suggests that “millionaires’ taxes” enacted in other states similar to the one being proposed in Massachusetts have had little impact on millionaire mobility. This paper demonstrates that he drastically undercounts millionaires, and outlines several ways in which he and tax advocates underestimate the number of people who will at some point in their lives be subject to a so-called millionaire’s tax and tax flight trends.