scalzi.com profile picture

John Scalzi @scalzi.com

  1. The extra marginal tax rate will affect millionaires' daily lives almost not at all, which is why in reality none of them would leave the state.

  2. When you have this much money, your accountant/financial folks are already making you as tax efficient as possible.

www.wbur.org/news/2025/04...

Despite previous concerns, Massachusetts' "millionaire's tax" hasn't seemed to deter high-earners from continuing to live here, according to a new study from the Institute for Policy Studies.

Not fleeing: New report shows more wealthy residents in Mass., 2 years into 'millionaire's tax'

Despite previous concerns, Massachusetts' "millionaire's tax" hasn't seemed to deter high-earners from continuing to live here, according to a new study from the Institute for Policy Studies.
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spidur.bsky.social profile picture

Spidur @spidur.bsky.social

The flip side is where they congratulate themselves on being good to poor people, like the "no tax on overtime," which is not what most think it is. The deduction is only on the excess over regular wage - i.e., the "half" or "double." So if you get $10/hr and work OT at $15, you only deduct $5.

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  1. spidur.bsky.social profile picture

    Spidur @spidur.bsky.social

    The "no tax on tips" is similarly misleading. It's only on voluntary tips, so expect the guidance to be that any auto-tips (like 18% for large groups) will NOT be deductible, because the IRS already classifies that as a service fee for the business.

    It's all a giant middle finger from the wealthy.

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