May 22, 2024
Bloomberg recently published an article referencing research conducted by Mark Williams, Master Lecturer of Finance.
High taxes and housing costs in Massachusetts have contributed to a spike in residents fleeing the state. While Massachusetts enacted a 4% surcharge on incomes over $1 million that generated $1.8 billion in revenue in the first nine months of the current fiscal year, the long-term impact remains uncertain.
“If our workforce and population is not growing, then we can’t expect to have future economic growth,” Williams adds.
The state must weigh the short-term revenue gains against the potential long-term cost of net outmigration.
