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Re: clo and zzshart are having orgasms because MSNBC "thinks" Massachusetts' new millionaire tax may be doing better than initially expected

By: Beldin in 6TH POPE | Recommend this post (0)
Sun, 26 May 24 12:42 PM | 59 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 53543 of 60014
(This msg. is a reply to 53535 by De_Composed)
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Yep ... I found this listing of "overall tax burden by state" (property, income, and sales/excise taxes) ... 

http://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494

... and the traditional New England states (ME, NH, VT, MA, RI & CT) are shown, as follows:

Maine 10.74%
New Hampshire 5.63%
Vermont 11.12%
Massachusetts 8.55%
Rhode Island 9.38%
Connecticut 10.08%.

These are averages of the effective rates across the spectrum of all residents in a particular state, so this does not report the maximum effective income tax rates for those in the upper echelons. 




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Re: clo and zzshart are having orgasms because MSNBC "thinks" Massachusetts' new millionaire tax may be doing better than initially expected
By: De_Composed in 6TH POPE
Sun, 26 May 24 8:54 AM 		Msg. 53535 of 60014

Beldin:

Re: “Yeah, I'm afraid that is all too true. Apparently, about half of the tax refugees from 'Assachusetts are relocating elsewhere in New England - to low-tax states nearby.” Massachusetts is surrounded by New York, Connecticut, Vermont, Rhode Island and New Hampshire. So, which one do you suppose will overwhelmingly be the destination of these Massachusetts multi-millionaires seeking a better tax environment?

The only consolation I can see is that they aren't numerous. But they do tend to be influential. I'm no fan of liberal influences.

You are correct that they'll flee Massachusetts in droves. A 4% "surcharge" on incomes above $1,000,000, plus the state's 5% flat income tax, means that they're shelling out $90,000 per year MINIMUM. The more they earn, the harder they're being whacked. Only a financial idiot would stick around for that. (Say what you want about liberal multi-millionaires, but they aren't financial idiots.)

Those who live in Boston and who need to be there will make the short, 30-mile move to my state.

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