Massachusetts' millionaires could make run for tax-friendly climates
The so-called millionaires tax being added to next year’s November ballot is raising concerns that hiking rates on the Bay State’s most moneyed few might backfire on the budget as the rich seek shelter in Florida or New Hampshire.
Pioneer Institute Research Director Greg Sullivan said his staff is looking at data from the state Department of Revenue to predict whether the proposed change would trigger such a migration.
“There have been dueling economic studies extending back decades about the subject of tax flight. Is it real?” Sullivan said. “This is a very substantial, legitimate question that should be forensically analyzed to the satisfaction of reasonable people and economists.”
The Bay State ballot question proposes a 4 percent higher tax on income above $1 million.
Read more: http://www.bostonherald.com/news/local_politics/2017/06/massachusetts_millionaires_could_make_run_for_tax_friendly_climates
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