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I say it over and over again: when you have that much money, you want to live where you want to live and you are simply not going to relocate because of marginal tax rates Alan Dershowitz will never leave Martha’s Vineyard and they won’t even sell him a pierogi

NEW: The first two years of Massachusetts' millionaire tax has raised $3 billion more than expected. And rather than driving the rich away, IPS researchers found that the number of millionaires has *increased.* Tax the rich. Greg Ryan in @bloomberg.com:

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LMFAO at the last sentence. MA made community college free and has universal free school lunches (millionaire's tax is earmarked for transit and edu). In turn that helps our kids/grads get educated, prepping them for better jobs. Companies like that. MA has a lot of flaws, but proud to live here.

(In retrospect, the ballot init that passed the constitutional amendment—long story as to why it's that and not just a law—should have also been earmarked for affordable housing, one of the HUGE problems we are still facing.)

I’m not sure this is true for *any* marginal tax rate increase, but MA just increased from a 5% flat rate to 9% for income over $1M. This is roughly the same rate we pay here in CA for income over $72k (you hit the top rate of 12.3% at $743k). How was it so low before?

The “no income tax” bit goes a loooooong way, though. You’ve got to drink and drive a LOT (and hopefully never at the same time) before you’re paying the ~$5k extra that you’re saving by not paying income tax

Rich people who live in New York do so because they love New York (even if they pretend to hate New York). And they're not going to leave to save money because they know they're going to hate wherever else they are.

stark contrast between those rich enough to live wherever they wanted acting indignant over policy they wouldn't even notice if it wasn't in the news, but not actually moving... and asylum seekers who have hardly anything willing to walk thousands of miles for a chance to live *anywhere* in the U.S.

I think there is some argument billionaires might leave places like Omaha (excluding Buffet) if pushed with taxes because they are getting pulled to go to places like NYC where they can get more experiences with their fortune, but batty to thing the top tier or even second tier cities will have that

The kind of person who has a billion dollars and lives in Omaha isn't going to be pushed to leave by anything short of total wealth confiscation, because it's always going to be someone like Buffet who loves the place

I think this also speaks to the race to the bottom and the libertarian threats thereof. Moving a home, a community, or a business requires time and resources. The threat of a race to the bottom guts taxes and regulations before they're instituted. We need to call the bluff.

What are these silly conservatives think millionaires come from? Don't they realize that it takes, as the article says, "a talent pool, livability, and renowned schools" to attract the foundations of wealth? You get that through taxes & the services they provide, not some Underpants Gnome scheme.

tax the rich, they will whine and bitch and moan and they will pay their damn taxes because where else are they going to go, fucking Florida? it’s not Massachusetts and it’s certainly not New York City

A lot of New Yorkers who move to Florida end up hating it cause this place sucks. I would know because I get yelled at by them at work In a stunning turn of events, the government of Florida isn’t gonna be there to help them like the government of New York is

Oh, to tax the motherfuckers in California. I think the sheer coinage would make the east coast weep. You can't overestimate coastal elites rolling in their privilege thinking it's normal

and I’m not even meaning it as a dig at Florida! if you like it there, great! but I’ve visited a number of times and it is a very different place with a very different vibe and if you love living in MA or NY you are probably not going to like it as much (and vice versa)

Redacted@matttttthews.bsky.social

I live in Florida and I totally fucking agree.

Desantis is trying to sway them with his elimination of property tax push. But that’s just going to cause more issues for Floridians than I think Floridians realize. I guess they’ll enjoy the (at a minimum) doubling of sales tax that will have to occur. A regressive tax on a service industry state.

under no circumstances will I pass up a chance to make a Dershowitz pierogi reference

Tim@tjrbare.bsky.social

Is the ongoing saga of the pierogi the funniest downstream consequence of all of this shit?

one of the funnier bits about moving from a blue state to a red state is that red states still need money to run things and will often just collect it via fees instead so you pay less in taxes but everything else is more expensive and you don’t actually come out much better

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