"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."
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.
The study from The Center For State Policy Analysis at Tufts University took a closer look at what the 4% surcharge on incomes over $1 million would mean for Massachusetts.
"We don't see the substantial risk from depressed economic activity and large number of people moving out of state," Horowitz said. "It's chiefly an accounting issue, not an economic one."