US EditionMassachusetts home to more millionaires despite new surtax
- Massachusetts has more millionaires in 2024 despite a 4% surtax on incomes above $1 million approved by voters in 2022.
- The surtax aims to generate revenue for education and transportation, countering concerns that it would drive wealthy residents out of the state.
- Reports indicate the number of ultra-wealthy residents rose from 1,954 in 2022 to 2,642 in 2024, while overall wealth grew 37.3% to $2.2 trillion.
- Researchers noted that people with million-dollar incomes and substantial wealth are less likely to move away than the average population, and the surtax generated $2.46 billion in revenue during its first year.
- The data suggest the surtax has not caused a wealth exodus, allowing Massachusetts to fund public programs while facing broader challenges related to housing and cost of living.
13 Articles
13 Articles
Data shows Mass. is home to more millionaires despite new surtax, according to advocates
Surtax supporters released data Monday that they said pokes holes in the argument that the state’s new tax on high earners is causing higher-income residents to move out of Massachusetts. The report from a pair of progressive research groups found that the number of individuals in Massachusetts with at least $50 million in total wealth grew from 1,954 in 2022...
Massachusetts home to more millionaires despite new surtax
BOSTON (SHNS) - Surtax supporters released data Monday that they said pokes holes in the argument that the state's new tax on high earners is causing higher-income residents to move out of Massachusetts. The report from a pair of progressive research groups found that the number of individuals in Massachusetts with at least $50 million in total wealth grew from 1,954 in 2022 -- the year voters adopted the 4% surtax on household income above $1 m…
Not fleeing: New report shows more wealthy residents in Mass., 2 years into 'millionaire's tax'
Despite previous concerns, Massachusetts' "millionaire's tax" hasn't seemed to deter high-earners from continuing to live here, according to a new study from the Institute for Policy Studies.
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