you see it every time something like this is enacted the MA millionaires’ tax has been wildly successful because MA is a lovely state and none of these people actually want to leave the people who move because of cost of living aren’t rich - ThreadSky

rincewind.run • 4 days ago

you see it every time something like this is enacted

the MA millionaires’ tax has been wildly successful because MA is a lovely state and none of these people actually want to leave

the people who move because of cost of living aren’t rich

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policyg.bsky.social•4 days ago

London is introducing a very high wealth tax and a lot of wealthy people that are not only capable of moving, but actually did move there, are threatening to leave. It will be an interesting test case.

policyg.bsky.social•4 days ago

I think this is a interesting example of why people are different from corporations. Moving a corporation to some god-forsaken backwater for tax reasons is very possible, people, not so much. That's why you do need to be wary of overtaxing corporations versus people.

slyreference.bsky.social•4 days ago

My guy, you tax corporations so you can offer tax breaks from a position of power. You could give them a 90% tax rate and with enough breaks they'll probably be fine. That's why having a low base rate is short sighted.

Higher taxes make tax breaks a great source of leverage.

legallyhea.bsky.social•4 days ago

I think where that could be very interesting to play out is how it impacts foreign investors. I've seen so many news pieces about how much of the housing cost jump in London has been triggered by foreign investors buying up so much of the property there in London but barely living there.

legallyhea.bsky.social•4 days ago

Indeed - my local MA newspaper shared this story back in April: https://bsky.app/profile/legallyhea.bsky.social/post/3lo2kdohyh22o

cathyw.bsky.social•4 days ago

similar thing on the congestion toll I suspect - the Really Rich People are probably grousing about it even as they appreciate the reduced traffic, but they're paying. The ones who are shifting to transit are more likely folks where the toll is an actual hit to the wallet.

cathyw.bsky.social•4 days ago

...was Cuomo against the congestion toll? I bet he was (and maybe still is) against the congestion toll.

policyg.bsky.social•4 days ago

I think a lot of really rich people work from home now.

cathyw.bsky.social•4 days ago

also true.

cleanwindows.bsky.social•4 days ago

there is a book about this (examining the national, not municipal level), i think it's called "the myth of millionaire tax flight" but not able to search properly.

reasonable to suspect the same is true for cities.

christosilvia.bsky.social•3 days ago

Rich people have the greatest ability to pay more in tax because their basic needs are already met

nekrotzar.bsky.social•4 days ago

The MA tax brought in far more $$ than expected *and* it is clear we have headroom that could be used to partially replace Federal services that are cut.

mcmillen.dev•4 days ago

the part of MA that isn't lovely is our public transit, and rich people aren't taking that anyways 🙃

kissemjolk.bsky.social•4 days ago

“How dare Vegas suggest busses? I will instead for so much more money build a single-late private taxi tunnel, so people arriving don't have to take ⟨shudder⟩ public transportation.”

—some billionaire, almost certainly

wildlee.bsky.social•4 days ago

that’s literally what elon musk is trying to do, no?

https://www.propublica.org/article/elon-musk-boring-company-las-vegas-loop-oversight

kissemjolk.bsky.social•4 days ago

Also, you got the reference so you get my internets for the day.

kissemjolk.bsky.social•4 days ago

wildlee.bsky.social•4 days ago

Ah, my bad, sorry!

wraithe.bsky.social•4 days ago

Haha thank you for making this point that I was coming here to make.
The Massachusetts (multi) millionaire tax sure made this state into a ghost town (it did not)

egjames.bsky.social•4 days ago

Amen 👏

captainblye.bsky.social•4 days ago

The middle and lower class flight is the actual problem that can be solved by taxing the rich and providing services to everyone.

mgruar.bsky.social•4 days ago

Not to mention, New Hampshire is close enough that people with those incomes could leave without actually moving far. It turns out they're just making empty threats.

kbethany.bsky.social•4 days ago

I moved from MA to NH (not to flee taxes and there’s a lot I miss about MA). There IS a fair amount of migration but it’s not millionaires fleeing taxes, it’s young families who can’t find affordable housing in MA.

mgruar.bsky.social•3 days ago

Ooof, yeah, I was fortunate enough to be able to stay within Massachusetts, but that's exactly how I ended up closer to NH than Boston.

slyreference.bsky.social•4 days ago

And most of the super rich already have their money elsewhere, and have enough tax shelters to defray most new taxes aimed at them.

rincewind.run•4 days ago

the reason that people are leaving California is that we don’t have enough housing for all the people who want to live here

but it isn’t the rich who are getting priced out, they’re bidding up mansions in Malibu

29sunset.com•4 days ago

I feel crazy remembering there is/was an honest to God movement to try to get tech people to move to Texas and Florida, and some did, but not that many, and of the ones who did, a big chunk realized that they didn't have a lot of the things there that they enjoyed in CA, like mild weather year-round

bexone.bsky.social•4 days ago

I can never decide whether I’m more mind boggled by the people who move across the country without doing even the most basic research into the climate or the ones who spend every weekend in the Bay out on hikes but never thought to check the park/open space situation in Texas

ravenmcampbell.bsky.social•4 days ago

Yeah, for those folks on the hikes, I honestly think they'd be happier in like, Atlanta or Charlotte than Austin. Doesn't change the weather part, but still.

bexone.bsky.social•4 days ago

California has this deeply ingrained public park and public open space culture and entirely too many people just… assume the whole country is exactly the same? Without checking?

29sunset.com•4 days ago

I think it's a matter of intellectually knowing it gets hot in Texas and snows in some parts on occasion, but not grappling with what 96 degrees for days on end actually *means* for everyday life.

bexone.bsky.social•4 days ago

It’s also not understanding the difference between 96 at 55% humidity and 96 at 75% humidity

But my point is, like… investigate that! Do some research! Visit the place for more than three days in early spring before you make the leap!

ravenmcampbell.bsky.social•4 days ago

yes. I was raised in upstate SC and currently live in western wa. I always tell people that 90 in pnw is a dry heat compared to GA, FL, and the carolinas, but they do not believe me.

davidjorgonson.bsky.social•4 days ago

Thiel moved from SF to Los Angeles to get away from California taxes

observationpost.bsky.social•4 days ago

There's also a lot of people who do own homes who then cash out and move out of state to enjoy a higher standard of living.

shinyquagsire.bowser.gay•4 days ago

Yeah I've paid enough CA taxes to know I'd rather sink the money somewhere where I can afford more than a hole in the wall apartment. Would love to move back though.

(you can get nice things for like 60% of a paycheck towards rent but, no thanks lol)

rattatatouille.bsky.social•4 days ago

It's telling that you *never* hear about a celebrity moving *out* of California

swizzard.pizza•4 days ago

except to "texas" by which they mean "austin" by which they mean "a gated community 7 minutes from a whole foods"

lechased.bsky.social•4 days ago

I once heard one of my brother in law’s brothers (they are both rich assholes) refer to himself as a “TexiCaliFloridian” because he keeps moving to dodge taxes and I wanted to puke

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