Could or would a no income tax state change status due to the amount of people moving in?
This came to mind because of a report that Florida is the #1 state people want to move to.
Comments
rainniier2 t1_j2b8yw8 wrote
According to the most recent census, MA has had a net population loss so I’m not sure what population gain your question is referring to.
[deleted] OP t1_j2bau8g wrote
Our tax burden difference is about 2% https://taxfoundation.org/tax-burden-by-state-2022/
Both states have high quality of life https://www.usnews.com/news/best-states/rankings
We need more allies to move to Florida it's current policies are not enticing me too move there
[deleted] OP t1_j2bcivu wrote
population increased and we still face housing shortages.
Itchy-Marionberry-62 t1_j2becf4 wrote
Of course the no tax helps in growth. Massachusetts will suffer greatly because of the latest tax increase voted in. Connecticut is now realizing their mistake by going down this route. Massachusetts will continue to lose population.
Maxpowr9 t1_j2bgob4 wrote
Yep, taxes go to public services and when you cut out a revenue stream, you have to make up the difference somewhere or cut services.
potus1001 t1_j2bm3mh wrote
Financially, that could not work in MA. Prop 2 1/2 limits the increase in a municipality’s property tax levy to 2.5% plus new growth. So because of this, a lot of cities and towns rely heavily on State subsidies. You suddenly take that away, and very few communities could operate.
MA doesn’t receive enough in sales/hotels/meals taxes, to make up for income taxes. Florida can, since it’s primarily a tourism destination, plus they’re State services are already lacking to begin with.
[deleted] OP t1_j2brkap wrote
Itchy-Marionberry-62 t1_j2bwchw wrote
More moderate? Is that before the new tax increase?
[deleted] OP t1_j2bxqhx wrote
Itchy-Marionberry-62 t1_j2c1u19 wrote
It will effect far more people than that.
[deleted] OP t1_j2c2ewt wrote
hey 🤭
it is a millionaire tax
Wtf_is_this1234 t1_j2cljz1 wrote
If it affects so few people, what exactly is the point of doing it?
[deleted] OP t1_j2cn0v8 wrote
[deleted]
capta2k t1_j2ddhda wrote
It affects a small number of People but a larger portion of Income earned in the state because even in fair Massachusetts the gap between the rich and the poor is huge and growing.
Wtf_is_this1234 t1_j2ddjek wrote
The same state that literally just refunded people for collecting too much in income tax.
capta2k t1_j2dlewt wrote
Did we collect too much tax or did we spend too little? Potato - potatoe
The Healey administration is going to be under a lot of pressure to increase spending, something Governor Baker chose not to do
Itchy-Marionberry-62 t1_j2ehq7b wrote
And there are many millionaires still in the state. Maybe not for long though. What do you have against millionaires? Do you give all your assets away and save nothing? 🤔
saucisse t1_j2fbruy wrote
Because that tiny percentage of people has a huge percentage of the money. 1% of $100 is 1. 1% of 1,000,000 is 10,000.
saucisse t1_j2fc0c7 wrote
No, thank you. I like my very high standard of living, highly-educated population, and public services.
therealcmj t1_j2b78k7 wrote
I like Florida weather. I try to go there every year because of it. But I doubt I will ever live there.
They pay less in income tax but more in other taxes and fees and other costs to more than make up for it. Especially if you’re not rich.
> IN THE 10 STATES WITH THE MOST REGRESSIVE TAX STRUCTURES (THE TERRIBLE 10), THE LOWEST-INCOME 20 PERCENT PAY UP TO SIX TIMES AS MUCH OF THEIR INCOME IN TAXES AS THEIR WEALTHY COUNTERPARTS. Washington State is the most regressive, followed by Texas, Florida, South Dakota, Nevada, Tennessee, Pennsylvania, Illinois, Oklahoma, and Wyoming.
https://itep.org/whopays/