February 2, 2021

IF YOU TAX IT, THEY WILL GO: Taxes driving wealth out of Massachusetts and into Florida, New Hampshire: report.

Wealthy residents and businesses are leaving the state at a troubling rate — an exodus that could grow now that working remotely is gaining widespread acceptance, a new Pioneer Institute report states.

Massachusetts has seen a net loss of $20 billion to other states, especially New Hampshire and Florida where taxes are much lower, the report warns.

“COVID has dramatically accelerated working from home and that’s bad news for the state,” said Pioneer Institute Research Director Greg Sullivan, who co-authored the report on “Do the Wealthy Migrate from High-Tax States?”

The Pioneer report found wealthy residents have been packing up and moving out of state over the last 25 years, taking with them much-needed taxable income. . . .

That news hits as Massachusetts’ Democratic lawmakers have proposed a hike in taxes on the rich to bolster funding for education and transit. Another vote, Sullivan says, is expected to come up again this spring.

He warns the post-pandemic economy will see companies be more mobile and searching for the best deals they can — all while employees could be free to choose where they want to live also.

My Welcome Wagon Project is underway.

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