Yep. Millionaires threaten to move away if they're taxed, but they won't. The convenience of having their high value properties in highly sought after areas, where all the services they use are present, is too enticing, and even a hefty tax won't be a deterrent.

Just imagine how much upheaval it would cause you to move a few states over. For a millionaire... it's the same except they're used to so much beyond basic survival - their parties, their exclusive clubs, exclusive gatherings, private boxes in theatres, the list goes on.

Do you really see such a person moving to Bumfuck Nowhere, Nebraska, just because that town doesn't tax millionaires? Do you really see them giving up 80-90% of the "rich life" just to save their wealth? Hell nah. As long as you're not explicitly threatening to tax them out of existence, they'll stay. Because unlike the average people they can afford that extra expense.

But of course they don't want to, they just yap around threatening the move without committing to it.

More rich people lived there and the tax generated more than expected. That's awesome. Good news for NYC.

The verdict: The new report found the number of ultra-wealthy residents in Massachusetts — those with at least $50 million or more — has actually grown since 2022, from 1,954 to 2,642 in 2024. The millionaires' tax also greatly surpassed its projections in the first year, generating S2.46 billion for the state in 2023 alone. State officials expect it to haul in the same amount of revenue annually. "This is further evidence that multi-millionaires are not fleeing the state in response to the new tax," said Shanique Rodriguez, executive director of the Massachusetts Voter Table.

Err: NaN

Wait, you mean that when rich people say that taxing the rich is a bad idea, they aren't being completely sincere and don't have our best interests at heart? I'm shocked to the core

This isn't a tax on wealth, it's a tax on income.

There probably isn't a single billionaire out there with a billion dollar income in any given year unless they're doing some massive sell off like when Musk sold shares to buy twitter.

What actually happens, is the more wealth you have, the less income you're actually likely to have at least in proportion to the wealth, because you start doing things like taking loans out against your shares in a company, and potentially never pay it back until you die at which point the estate will pay it off, but I think there's even some weird estate transfer things that make that favorable to them as well.

Nothing is ever enough for people is it? Ya'll could have had Cuomo again and gotten 0% taxes on the rich. Hell, Cuomo would've given tax breaks to his wealthy buddies like he did the first time. 2% isn't the end goal, it's the start. Ya'll need to change your perspective, nothing in politics is going to be instant or perfect. I'll take 2%, it's a start.

Have things changed that drastically in just five months to make it invalid? Since he just won this month, it seems to me that it's more relevant, not less.

I’m from March 1979