on the 2022 ballot that would add a 4% surtax on household income above $1 million, pledging to dedicate the additional revenue to just two areas of spending: education and transportation.
The projection takes into account the likelihood that some high-earners could leave Massachusetts as a result of the policy, while others will engage in"tax avoidance" strategies to lower their tax burden. Moves out of state and tax avoidance measures are projected to reduce the state's overall revenue from the income surtax by 35% in 2023, down from a possible $2.1 billion if no behavioral changes were accounted for. The report attributed about $670 million of the lost revenue to tax avoidance.
Yes and No. Even if this passes. The odds of millionaires paying his or her fare share of taxes is still slim
Saying that revenue would go to transportation and education is a lie. Virtually all revenues in similar situations have been diverted to the general fund. This is a no-win situation for the regular citizen. This is why people don’t vote. Enjoy!
I suspect the wealthy are more likely to move as a result of these types of surtaxes.
Looking at the current state of transportation in Mass, I hope the money will be used wisely.
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