Tag Archive for: wealth migration
https://pioneerinstitute.org/wp-content/uploads/Picture1-2.png 247 624 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2022-06-09 10:58:442022-06-09 10:59:08As States Compete for Talent and Families, Massachusetts Experienced a Six-Fold Increase in Lost Wealth Compared to a Decade Earlier
With competition for businesses and talent heating up across the country, in 2020 Massachusetts shed taxpayers and wealth at a clip six times faster than even just a decade ago. Between 2010 to 2020, Massachusetts’ net loss of adjusted gross Income (AGI) to other states due to migration grew from $422 million to $2.6 billion, according to recently released IRS data now available on Pioneer Institute’s Massachusetts IRS Data Discovery website. Over 71 percent of the loss was to Florida and New Hampshire, both no income tax states.
https://pioneerinstitute.org/wp-content/uploads/Hubwonk-Template-75.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2022-05-10 10:22:222022-05-10 10:38:09Progressive Policy Study: Californians Dreamin’ While Jobs and People Leavin’
Hubwonk host Joe Selvaggi talks with California Policy Center president Will Swaim about how the state’s ambitious policies have combined to stick its residents with the highest cost of living and a tax regime that discourages investment, innovation, and its vital entrepreneurial class.
https://pioneerinstitute.org/wp-content/uploads/Hubwonk-Template-49.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-10-19 11:08:022021-10-19 11:19:34Competition Amongst States: How Tax Policy Drives Residents to Seek Better Value
This week on Hubwonk (our debut video & audio edition), Host Joe Selvaggi talks with research analyst Andrew Mikula about the findings from his recent report, A Timely Tax Cut, in which he explored the relationship between state tax rates and policy and the direction of interstate migration.
https://pioneerinstitute.org/wp-content/uploads/Tax-Flight-Photo-1.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-06-17 05:26:022021-06-17 09:24:04Study Says Massachusetts Surtax Proposal Could Reduce Taxable Income in the State by Over $2 Billion
As voters now begin to weigh the potential impact of a ballot proposal to increase taxes on business owners, retirees and wealthier households, a new literature review by Pioneer Institute shows that many existing academic studies find that wealthy individuals are particularly sensitive to changes in tax policy. Other studies explicitly warn policymakers that behavioral responses to taxing the rich could erode the tax base and ultimately strain state budgets.
https://pioneerinstitute.org/wp-content/uploads/Red-and-Dark-Sienna-Music-Poster-6.png 512 1024 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-04-28 15:02:212021-05-10 14:19:147 Reasons to Reject the Graduated Tax and Instead Focus on Growing Jobs
Pioneer Institute's Statement before the Joint Committee on Revenue In Opposition to: HB 86 (Pages 1-4), a legislative amendment to the Constitution to provide resources for education and transportation through an additional tax on incomes in excess of one million dollars.
https://pioneerinstitute.org/wp-content/uploads/Fig1-5.png 601 923 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-02-22 05:18:182021-02-22 06:08:55New Study Highlights Economic Fallout from California’s 2012 Tax Hike
A 2012 income and sales tax increase in California, named “Proposition 30,” stifled business activity, accelerated out-migration among the wealthy, and ultimately reduced the state’s tax base, according to a new study published by Pioneer Institute that aims to share empirical data about the impact of tax policy decisions.
https://pioneerinstitute.org/wp-content/uploads/CA-report.png 512 1024 Andrew Mikula https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Andrew Mikula2021-02-22 05:06:222021-03-22 14:01:49How a 2012 income tax hike cost California billions of dollars in economic activity
This study finds that a 2012 income and sales tax increase in California, named “Proposition 30,” stifled business activity, accelerated out-migration among the wealthy, and ultimately reduced the state’s tax base. It also aims to share empirical data about the impact of tax policy decisions.
https://pioneerinstitute.org/wp-content/uploads/Fig1-3.png 652 923 Editorial Staff https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Editorial Staff2021-02-01 05:10:572021-07-22 09:09:56New Study Shows Significant Wealth Migration from Massachusetts to Florida, New Hampshire
Over the last 25 years, Massachusetts has consistently lost taxable income, especially to Florida and New Hampshire, via out-migration of the wealthy, according to a new Pioneer Institute study. In “Do The Wealthy Migrate Away From High-Tax States? A Comparison of Adjusted Gross Income Changes in Massachusetts and Florida,” Pioneer Institute Research Director Greg Sullivan and Research Assistant Andrew Mikula draw on IRS data showing aggregate migration flows by amount of adjusted gross income (AGI). The data show a persistent trend of wealth leaving high-tax states for low-tax ones, especially in the Sun Belt.
https://pioneerinstitute.org/wp-content/uploads/Copy-of-WM8.png 512 1024 Andrew Mikula https://pioneerinstitute.org/wp-content/uploads/logo_440x96.png Andrew Mikula2021-02-01 05:06:382021-03-22 13:58:11Do The Wealthy Migrate Away From High-Tax States? A Comparison of Adjusted Gross Income Changes in Massachusetts and Florida
Massachusetts had a net outflow of $20.7 billion in adjusted gross income (AGI) between 1993 and 2018. The biggest beneficiaries of the wealth that fled the Commonwealth were Florida, which captured 47.5 percent of it, and New Hampshire, which captured 26.1 percent. Between 2012 and 2018, Florida saw a net AGI inflow of $88.9 billion. Affluent taxpayers are responsible for an outsized proportion of state tax revenue. The data also show a strong correlation between state taxes and migration. States like Florida and New Hampshire that have no state income tax have seen a net inflow of AGI from higher-tax states like Massachusetts.