Viewing a single comment thread. View all comments

noob_tube03 t1_ivq6b63 wrote

Reply to comment by Chunderbutt in In divided U.S., Massachusetts turns deeper blue; Turnout in Cambridge, Somerville is under 50% by blackdynomitesnewbag

>https://cspa.tufts.edu/sites/g/files/lrezom361/files/2022-01/cSPA_Evaluating_MA_Millionaires_Tax.pdf
>
>A very small number of taxpayers take home more than $1 million on a consistent basis. Indeed, just 6 percent of Americans who exceeded the threshold between 1999 and 2007 did so in every one of those years; only 20 percent did so more than half the time.
>
>By contrast, half of all million-dollar earners between 1999 and 2007 were one-timers. This matches what we know about life-cycle earnings. It’s much more common for families to experience a one-time million-dollar windfall than to make $1 million year after year: think of dentists who sell their practices, business-owners bought out by their partners, or individuals selling a valuable investment they’ve held for decades.

I suspect it's because many people read the study and realized it wasn't going to have the impact proponents were advocating

−11

Chunderbutt t1_ivq7emz wrote

We should have upped the percentage.

19

noob_tube03 t1_ivqa3l3 wrote

I mean, you wanted to know the other perspective. Obviously if only 6% of the state theoretically is impacted each year, there is a much larger part of the population that worries they will be part of that 6% over their lifetime. Which is what the study points out; the majority of that 6% is single income incidents. I mean, you might as well just increase the taxes on lottery winnings if thats the goal

−1

andr_wr t1_ivqdsul wrote

I'm ok (and most of Mass. is ok, apparently) with the landed gentry/capitalists having to pay an additional 4% of tax on their one-time earnings in excess of $1,000,000.

15

Chunderbutt t1_ivqrhcf wrote

I think you hit on it when you mentioned that people are worried they’ll be rich and have to pay taxes. That’s an American disease .

Otherwise the study you cited makes more of an argument for raising the tax higher if we don’t think it will collect enough money.

9

GloopyGlop t1_ivrtv5m wrote

It’s not 6% of the state that’s impacted. They say in the article it would apply to around 0.6% of the state. The part that you quote with 6% is not referring to 6% of the entire state, but 6% of the people who exceed the 1 million dollar threshold.

3