What, the people who buy elections are fleeing? Sign me up for that.

I remember seeing this argument about billionaires and corporations leaving the US if they are taxed fairly at a national level. If that were the case then 1. The US wouldn’t lose out on revenue it wasn’t losing out on already, and 2. The “free market” or the government would adapt to fill the abandoned niche.

There are already places (in the U.S. and other countries entirely) with far, far lower taxes than MA. Why haven't rich people moved already?

Yea except I'm sure our federal government would just blow it on more missles and bullets. At least here it's doing good things like feeding kids.

It did happen to New Jersey, Norway and France. Rich people leave when you tax them. I'm not arguing against the law, but to prevent "flight of the rich", the law has to be applied universally. Or if that can't happen, do what Norway did, tax wealth flight.

Even if it's not implemented nation wide, there's the implication that the state is losing something by these people leaving. I suspect they're contributing little by being there though.

Wow, imagine living in a functioning society... And that's just a taste.

This is what you get when you curbstomp conservatives at the polls:

P R O G R E S S

They tried this before with the Minerva Reefs. It was, in fact, not their land to take and they folded like a folding chair. Google it.

Because there's probably a significant number of affected rich folks who are retirees, vets, or both. Though, the propane you saw insinuates that it's the other way around - that a significant number of retirees and vets would be targeted by the new law. It's a pretty common tactic used against dumb people who can't tell the difference. Good on you for seeing through it.

According to this article I found, capital gains count as income for Massachusetts state taxes:

https://www.svb.com/private-bank/insights/managing-taxes/latest-tax-update-understanding-and-mitigating-the-massachusetts-millionaires-tax

Edit: just realized the bank I linked to lol

Capital gains is always taxed at your normal bracket for holdings less than a year old and fall under special long term brackets for holdings >1 year. Those brackets are much smaller than income.

Capital gains isn't the issue. The issue is people taking out loans against their securities or other assets at often very affordable rates (until recently). Those loans are their income, the interest on those loans are deductible and they never have to sell their assets.

As long as interest paid is lower than taxes on capital gains the behavior will never shift.

The tax is on all taxable income not just regular wage income. Capital gains and carried interest are taxable income. They are subject to the tax if they make over the $1mil annually.

Capital gains are taxed less than regular wage income. Max capital gain rate is 20% while the max wage income tax rate is 37%.

Progressive states could! Fed states, on the other hand, are still grappling with whether or not women are considered people.

Billionaire named finger

Article says that the wealthy are "fleeing" Mass. Even if that is true, if we did this in every state then they wouldn't have anywhere to run to. Even if they fled the United States, more power too them. If they don't want to help fund this country then they don't need to use its services.