Since the passage of the Fair Share Amendment in 2022, Massachusetts has seen a notable increase in millionaires, with a reported 38.6% rise from approximately 440,000 to over 612,000 high earners. Their total wealth surged from $1.6 trillion to $2.2 trillion, according to a report from the Institute for Policy Studies. While skeptics suggested that the new surtax on incomes over $1 million would lead to an exodus of wealthy individuals from the state, evidence shows that high-net-worth earners demonstrate lower mobility, rooted in their communities and networks. The report emphasizes the positive impact of the surtax on wealth distribution in Massachusetts.
"The Fair Share Amendment, or 'millionaires tax,' has led to a 38.6% increase in high earners in Massachusetts, showing tax policy can influence wealth distribution."
"High-net-worth individuals tend to be less mobile, contradicting opponents' claims that millionaire taxes would drive them away from Massachusetts."
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