Tag Archive for: surtax
https://pioneerinstitute.org/wp-content/uploads/Wealth-to-NH.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2023-04-28 14:34:342023-04-28 14:35:35New IRS Data Shows Out-Migration Worsening, Underscoring the Need for Massachusetts Leaders to Focus on State’s Competitiveness
New IRS Data Shows Out-Migration Worsening, Underscoring the Need for Massachusetts Leaders to Focus on State’s Competitiveness
Massachusetts’ net loss of adjusted gross income (AGI) to other states grew from $2.5 billion in 2020 to $4.3 billion in 2021, according to recently released IRS data. Over 67 percent of the loss was to Florida and New Hampshire, both states with no income tax.
https://pioneerinstitute.org/wp-content/uploads/Copy-of-CY3-1.png 512 1024 Andrew Mikula https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Andrew Mikula2021-03-25 05:34:372021-12-29 12:19:26Missing the Mark on Wealth Migration: Past Studies Drastically Undercounted Millionaires
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.
https://pioneerinstitute.org/wp-content/uploads/CA-report-2.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-03-02 05:55:462021-03-02 06:36:19Report: Proposed Graduated Income Tax Might Not Increase State Education and Transportation Spending
Report: Proposed Graduated Income Tax Might Not Increase State Education and Transportation Spending
While supporters of a state constitutional amendment that would impose a 4 percent tax rate hike on annual income over $1 million claim additional revenue from the surtax will fund public education and transportation needs, the amendment in no way assures that there will be new spending on these priorities. In fact, without violating the amendment, total state education and transportation funding could stay the same or even fall, according to a new review published by Pioneer Institute.