"Pretending to propose his own national solution is clearly a cynical smoke screen to let California billionaires off the hook," argues the Billionaire Tax Now campaign as it seeks to counter "5 tricks" being deployed by Gov. Gavin Newsom and his allies.
That’s what they said about Massachusetts’ “millionaire’s tax” - a 4% additional income tax on household income above 1 million dollars. And despite what finance rags claim, the data says that between when the tax was voted into law in 2022 and 2024, the number of Mass residents with at least $50 million in total wealth grew 35.2% from 1,954 people to 2,642 people. And the tax brought in an extra $2.46 billion in tax revenue during its first year.
So despite all the crying, the data says that they won’t leave. We’ve seen it happen multiple times across the country over the years. A state or a city enacts a new tax on the wealthy, the wealthy threaten to leave and cry bloody murder, and nothing happens except an increase in tax revenue to be invested back into the area.
That’s what they said about Massachusetts’ “millionaire’s tax” - a 4% additional income tax on household income above 1 million dollars. And despite what finance rags claim, the data says that between when the tax was voted into law in 2022 and 2024, the number of Mass residents with at least $50 million in total wealth grew 35.2% from 1,954 people to 2,642 people. And the tax brought in an extra $2.46 billion in tax revenue during its first year.
So despite all the crying, the data says that they won’t leave. We’ve seen it happen multiple times across the country over the years. A state or a city enacts a new tax on the wealthy, the wealthy threaten to leave and cry bloody murder, and nothing happens except an increase in tax revenue to be invested back into the area.