Your Economy (No Politics)

[al44]

And the taxpayers all went out of Massachusetts

By Silvio Canto, Jr.

Let’s add another state to the list of blues losing people and taxpayers. It’s Massachusetts, or one of the original 13, but another one bites the dust, proving the reality that going blue has consequences.

This is the story:

Massachusetts is in danger of losing nearly $1 billion in annual revenue over the coming years as high state taxes trigger an exodus of wealthy residents.

Since 2013, migration out of Massachusetts has seen an ‘alarming’ 1,100% increase to more than 39,000 people, according to new findings published by Boston University’s Questrom School of Business. If the trend continues, more than 96,000 residents making a cumulative $19.2 billion in adjusted gross income will leave the state by 2030.

The study estimates those departures would cost Massachusetts about $961 million in income tax revenue each year.

The Bay State has already lost $821 million in income tax revenue since 2011.

That’s a lot of outflow as I remember a stand up comedian once saying. It’s a lot of money and a lot of the people who make the money happen.

According to the story, people are leaving because of three reasons: a high tax burden, expensive housing, and health care costs. There goes Obamacare again!

Another reality is that remote work policies have made it easier for “prime age” workers to leave. Why does that matter? Prime age workers buy homes and cars, and pay taxes.

Will things change? I hope so because necessity is often the mother of change. At some point, even liberals realize that driving away taxpayers is a bad idea.

https://www.americanthinker.com/blog/2024/05/and_the_taxpayers_all_went_out_of_massachusetts.html