"According to a study by the Tufts University Center for State Policy Analysis, the amendment is expected to raise roughly $1.3 billion next year if it passes."
"A recent report by Tufts University’s Center for State Policy Analysis suggested revenue generated by the proposed surtax would be much less because some wealthy individuals would leave the state instead of paying it."
"A recent report by Tufts University’s Center for State Policy Analysis suggested revenue generated by the proposed surtax would be much less because some wealthy individuals would leave the state or find a way around the new levy."
"From a financial and economic perspective, there’s still a perfectively sensible, reasonable argument to implement the tax because it’s raising money from the wealthiest households in a way that’s quite progressive.”
The report pointed out that high-earning households “have the connections and wherewithal to engage in sophisticated tax planning” and avoid paying taxes.
But because a small number of millionaires would likely move and far more would use legal tax avoidance schemes to get around paying the tax, that would cut the revenue by 35 percent, to around $1.3 billion.