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Massachusetts Risks $1B in Lost Tax Revenue as Rich Flee
By
Sri Taylor
News May 22, 2024 at 01:37 PM
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What You Need To Know
- If current trenda continue, over 96,000 residents making a combined $19.2 billion in adjusted gross income are set to leave the state yearly by 2030, according to one study.
- Last year, Massachusetts lost about 39,000 residents to other states, more than ten times the pace of 2013.
- The state recently enacted a 4% surcharge on income over $1 million, which generated about $1.8 billion in revenue over nine months.
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