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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The UK is the same. Every time there are rumours of a tax hike on the wealthy suddenly there are a zillion articles about how they're going to leave and take their tax with them. They never do, at least in any significant numbers.

Replies

  1. It's of note that there's lots of places with lower tax rates than the UK around the world. If tax rate was really the deciding factor for a lot of the wealthy, they'd have already left.

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