3 ms·

> I guess it's interesting to see who was expecting it. I mean, we saw good results in Boston with a similar policy. It made more than expected, and millionair

> I guess it's interesting to see who was expecting it. I mean, we saw good results in Boston with a similar policy. It made more than expected, and millionaires didn't seem to leave. https://www.nbcboston.com/news/politics/data-shows-mass-is-home-to-more-millionaires-despite-new-surtax-according-to-advocates/3698430/ https://www.nbcboston.com/news/politics/data-shows-mass-is-h... > Another state got wind of that, and invited the company to move the headquarters there instead, with all kinds of tax breaks and credits and such. This is not a good thing, IMO. It's a race to the bottom, where taxpayers lose. (I also question the article quite a bit. The link in the line "Instead, individuals worth $54B left the country, leading to a lost $594M in yearly wealth tax revenue" looks like it should be a cite, but doesn't actually go anywhere except a page which reveals that this article is hosted by a company selling… Swiss citizenship.)

alex43578 1y ago
On the contrary, state level capital controls would be absurd. People and companies should be free to move to states that match their priorities.
- ceejayoz 1y ago
  > People and companies should be free to move to states that match their priorities. That's fine! I object to states bribing those companies with taxpayer dollars in a silly zero-sum game where companies win and people get hosed. Concrete example: https://www.cnbc.com/2021/06/29/after-wisconsins-foxconn-debacle-states-rethink-giant-subsidies.html https://www.cnbc.com/2021/06/29/after-wisconsins-foxconn-deb... I think history will look positively on things like NYC opting out of the sleazy auction that was Amazon HQ2. https://en.wikipedia.org/wiki/Amazon_HQ2 https://en.wikipedia.org/wiki/Amazon_HQ2
  - alex43578 1y ago
    Yes, the government shouldn't be trying to bribe companies or select groups of voters with handouts using taxpayer money.
paleotrope 1y ago
The Massachusetts law is an income tax not a tax on wealth.

alex43578 1y ago

On the contrary, state level capital controls would be absurd. People and companies should be free to move to states that match their priorities.

ceejayoz 1y ago
> People and companies should be free to move to states that match their priorities. That's fine! I object to states bribing those companies with taxpayer dollars in a silly zero-sum game where companies win and people get hosed. Concrete example: https://www.cnbc.com/2021/06/29/after-wisconsins-foxconn-debacle-states-rethink-giant-subsidies.html https://www.cnbc.com/2021/06/29/after-wisconsins-foxconn-deb... I think history will look positively on things like NYC opting out of the sleazy auction that was Amazon HQ2. https://en.wikipedia.org/wiki/Amazon_HQ2 https://en.wikipedia.org/wiki/Amazon_HQ2
- alex43578 1y ago
  Yes, the government shouldn't be trying to bribe companies or select groups of voters with handouts using taxpayer money.

paleotrope 1y ago

The Massachusetts law is an income tax not a tax on wealth.