this post was submitted on 21 Nov 2025
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Socialism

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Massachusetts’s Millionaire Tax Didn’t Lead the Rich to Flee (jacobin.com)
submitted 1 week ago by OneRedFox@beehaw.org to c/socialism@beehaw.org
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[–] ToastedRavioli@midwest.social 11 points 1 week ago

After two and a half budget cycles, Fair Share revenue attests to the fact that Bay State millionaires are staying and paying. Internal Revenue Service (IRS) tax returns reveal the number of filers reporting adjusted gross incomes above $1 million has generally climbed, although as of writing the IRS hasn’t released individual filing data from 2023

So what about after 2022? To get around the income data availability issue, one study in April examined proprietary data on net worth from Wealth-X. It found the Massachusetts population reporting net worth above $1 million has grown 39 percent from 441,610 individuals to 612,109 in the past three years. The number of residents above $50 million in wealth has grown 35 percent from 1,954 to 2,642 individuals. Finally, the number of billionaires in Massachusetts on the Forbes 400 list has climbed from seven to nine between 2022 and 2025.

This just in: taxing the wealthy is not only beneficial for the poor. It creates more millionaires