Advocates for a state constitutional amendment that would apply a 4 percent surtax to households with annual earnings of more than $1 million rely heavily on the assumption that these proposed taxes will have little impact on the mobility of high earners. They cite analyses by Cornell University Associate Professor Cristobal Young, which exclude the vast majority of millionaires, according to a new study published by Pioneer Institute.
https://pioneerinstitute.org/wp-content/uploads/Copy-of-CY3-2.png5121024Editorial Staffhttps://pioneerinstitute.org/wp-content/uploads/logo_440x96.pngEditorial Staff2021-03-25 05:46:072021-04-01 06:00:36Study: Graduated Income Tax Proponents Rely on Analyses That Exclude the Vast Majority Of “Millionaires” to Argue Their Case
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.
https://pioneerinstitute.org/wp-content/uploads/Copy-of-CY3-1.png5121024Andrew Mikulahttps://pioneerinstitute.org/wp-content/uploads/logo_440x96.pngAndrew Mikula2021-03-25 05:34:372021-12-29 12:19:26Missing the Mark on Wealth Migration: Past Studies Drastically Undercounted Millionaires
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Eamon McCarthy Earls
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Eamon McCarthy Earls2019-04-01 16:48:532021-10-29 15:18:12MBTAAnalysis: A look inside the MBTA
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Mary Connaughton
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Mary Connaughton2017-02-20 12:34:192017-02-21 09:47:58The Clock is Ticking…….
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Editorial Staff
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Editorial Staff2021-03-25 05:46:072021-04-01 06:00:36Study: Graduated Income Tax Proponents Rely on Analyses That Exclude the Vast Majority Of “Millionaires” to Argue Their Case
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Andrew Mikula
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Andrew Mikula2021-03-25 05:34:372021-12-29 12:19:26Missing the Mark on Wealth Migration: Past Studies Drastically Undercounted Millionaires