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Millionaires have deep roots: An analysis of eight states
Massachusetts can have an economy that generates broad prosperity and home-grown millionaires with world-class education and infrastructure. Several other states have top income-tax rates as high, or substantially higher, than what is proposed in Massachusetts. Those states do not have fewer millionaires, and have not seen less growth in their share of millionaires over time.
The Massachusetts Budget and Policy Center's new report, What Has Happened in Other States with High Tax Rates on Million-Dollar Incomes? finds that strong state economies are built from the ground up, with a focus on fundamentals like a well-educated workforce. Internal factors, not migration, drive growth of overall incomes and of high incomes. Moreover, migration accounts for a very small share of total state income; millionaire migration is a fraction of overall migration; and tax policy plays a very small role in millionaire migration.
Careful studies have found that people with high incomes are less likely than other people to relocate to other states. This is because high earners tend to be married, have children, and be more embedded in business and social networks.
Read the full report here.
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| The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts. |
MASSACHUSETTS BUDGET AND POLICY CENTER
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