XPost: ne.politics, or.politics, talk.politics.guns
XPost: sac.politics
On 2024-05-21, COVID-24 <
covid-24@biden.con> wrote:
On 5/21/2024 2:08 PM, Massachusetts Malarkey wrote:
"But Massachusetts has struggled with residents leaving the state recently, >> taking their taxable income with them."
The “millionaires tax,” which went into effect for the first time last year,
is set to bring in billions.
State officials announced Monday that the surtax on high earners had
generated more than $1.8 billion in revenue this fiscal year, with three
months left to go, according to the State House News Service.
This means state officials could have millions of dollars to
WASTE like they always have. Massachusetts is one of the worst states
in the US to live and work in. It's impossible to drive and get
anywhere in Boston. You can walk faster.
But Massachusetts has struggled with residents leaving the state recently, >> taking their taxable income with them.
I wonder why.
The announcement from the latest DOR quarterly report, described during
Senate proceedings, is welcome news for budget writers who had been seeing >> declines in tax revenues for months.
State tax collections have lagged behind projections for most of the 2024
fiscal year, SHNS reported, even after Healey implemented spending cuts.
According to an analysis by the Pioneer Institute, Massachusetts lost $4.3 >> billion in adjusted gross income in 2021, 40 percent more than the prior
year. The data shows that nearly 25,200 more tax filers had moved out of the >> state than moved in.
“Whatever short-term financial benefit the state will receive from the
income surtax will be outweighed by the long-term negative effect this tax >> is having on the state,” Paul Craney, a spokesperson for the conservative- >> leaning Massachusetts Fiscal Alliance, told the Globe.
macnh1
56 minutes ago
Only in MA during a year when the state had a billion dollar surplus would >> people vote for more taxes. The "millionaire" label is a joke. Pretty much >> everybody I know is a millionaire, on paper. Dopes.
Chomp
20 minutes ago
But this tax is for people who 'EARN $1m or more annually'...not those who >> HAVE over $1m. I agree...especially over the past 2 years, with home values >> and 401Ks soaring past the $1m mark, lots more people ARE millionaires...but >> this tax is applied to million-dollar earners. I don't know too many of
them.
Misfit333
1 hour ago
Short-term thinking as overall revenues continue to decline. Those monies
will be dumped into MBTA money pit and other inefficient government
agencies, including teachers unions.
You cannot tax your way to prosperity.
https://www.boston.com/news/business/2024/05/21/heres-how-much-the-new-
massachusetts-millionaires-tax-has-raised-this-year/
"But Massachusetts has struggled with residents leaving the state recently, >> taking their taxable income with them."
There is a reason that Massachusetts is known as TAXachusetts, at least on the east coast.
Horrible place to live unless you are rich.
--
pothead
Joe Biden is the absolute WORST President Of the U.S. ever.
Nobody else is even close. Including Jimmy Carter.
Vote for ANYBODY but Joe Biden in 2024.
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