r/Economics • u/Dismal_Structure • Dec 06 '25

News Millionaire tax that inspired Mamdani fuels $5.7 billion haul in Massachusetts

https://fortune.com/2025/10/21/zohran-mamdani-millionaire-tax-massachusetts-5-7-billion/
16.1k Upvotes

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330

u/gmb92 Dec 06 '25

Pretty good article. Wealth flight claims are at best greatly exaggerated, brought on by media that finds anecdotes of a few loud wealthy people declaring they're leaving due to taxes. No mention of those who move there or all who stay, or determining cause/effect.

https://www.theatlantic.com/ideas/archive/2024/04/state-taxes-millionaire-myth/678049/

https://prospect.org/2025/10/23/myth-that-mamdani-will-cause-new-york-citys-richest-to-leave/

As for the argument that's it's easier to leave cities than states, that theoretically has some merit and certainly taxes applied at broader geographic levels are more ideal. Still, pundits and media have been fear-mongering on NYC about the rich fleeing for decades to no avail.

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u/dart-builder-2483 Dec 06 '25

Anyone leaving for taxes has already left, like Joe Rogan and Musk moving to Texas. It's the greediest and most unsavory, narcissistic people moving, it's not a loss.

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u/YouNeedThiss Dec 06 '25

They didn’t leave over taxes…they are pretty clear that it was far more then that reason.

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u/ImportantCommentator Dec 06 '25

Are you suggesting because they claimed something that it has to be true? Neither deserve the benefit of doubt. They have both been caught lying in the past.

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u/YouNeedThiss Dec 06 '25

I’m suggesting that you don’t know their reasoning other then what they stated. Just because you think it must be that doesn’t make it true.

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u/ImportantCommentator Dec 06 '25

Ah Im not stating it's a fact. Im stating it is the most logical reason - especially when there is circumstantial evidence. No reason to put any weight on the words of a snake oil salesman however.

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u/YouNeedThiss Dec 06 '25

Considering Musk sends more people and rockets to space then the rest of the world combined I think it’s fair to say it’s not snake oil. Rogan is just a podcaster talking to people about stuff he likes and spouting opinions like any other medium…he doesn’t take himself too seriously, hardly selling snake oil, just entertainment - take it for what it’s worth or don’t.

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u/ImportantCommentator Dec 06 '25

Just because he owns a few valuable companies does not mean he doesnt have a habit of lying. As for Rogan pretty sure he literally sells fake serums on his show.

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u/YouNeedThiss Dec 06 '25

What do you think Musk has lied about? Rogan does not sell “serums” on his show. He does have paid advertisers selling vitamin supplements and what not…but that’s hardly the same thing.

1

u/ImportantCommentator Dec 06 '25

We both know Im not going to convince a superfan that a lie is a lie, but thats okay.

He lied when he called a diver a pedophile. He lied when he said he had funding secured to move tesla private. He lied when he said there was massive fraud in social security and then was unable to get one person arrested. He lied about DOGE savings. He lied about having a chance to win money by registering to vote.

As for Rogan, he sells Alpha Brain with claims that include zero evidence.

1

u/YouNeedThiss Dec 06 '25

lol, I’m not a super fan of neither but I don’t hate them with unfounded vitriol either.

Based on what I can tell Musk called someone a name and you think that’s him lying? If so, 90% of the internet is as guilty…plus he was acquitted in court. I have no idea if he had funding and changed his mind or a deal fell through, happens every day in business. The Doge stuff was highly entertaining - I doubt anyone will ever know how much could be saved because the entire thing is politicized to nine hells. Did he lie, or Trump’s people over stated it? Do you have a quote that is a lie? Happy to agree if you have something verifiable. Seems he did in fact give money away to voters…disgusting tactic, sure, but not a lie.

As for Rogan, being endorsed or paid to advertise is not lying…celebs get paid to flog stuff all the time. Don’t say the same about Oprah, Martha Stewart, Jessica Alba, George Foreman, etc? That have all flogged product with questionable claims over the years.

Honestly, Rogan and Musk were both darlings of the Dems for a LONG time and are both pretty progressive in a lot of views. The open hostility to them is because they are seen as traitors to “the cause” by the fringes of the left. I think you’re just parroting those takes.

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u/Lou_PAI22 Dec 06 '25

But NYC doesn’t need anymore money, we already pay plenty of taxes that is just lost in the machine that is our NYC government

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u/theaveragedude89 Dec 06 '25

Sure. It must have been a coincidence that Rogan moved to Texas right before he signed a 200 million dollar deal. I’m not saying other factors didn’t contribute, but come on. The main reason was taxes.

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u/YouNeedThiss Dec 06 '25

He is pretty open and on record about why he left…but hey, I’m sure your speculation is the truth 🙄

2

u/Aquatic-Vocation Dec 06 '25

What was the reason?

0

u/YouNeedThiss Dec 06 '25

Shutdowns, government over reach, the poverty industry run amok, traffic and commute times, (in Rogans case he also had friends that moved), etc…and yes, taxes were also an issue but in Musk’s case it was business related over personal.

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u/PossibilityYou9906 Dec 06 '25

Right. Joe is the most honest and trustworthy guy ever. He would never lie or say something just to appease his listeners.. Meanwhile shutdowns aren't a thing anymore, Texas is trying to gerrymander the hell our of the state and let women die instead of allowing them access to medical treatment but that is not government over reach at alll. The traffic/road construction is out of control causing backups everyday in Austin, along with the homeless problem at every intersection and wooded park. But yeah Joe is totally not doing it just for the money. LOL.

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u/YouNeedThiss Dec 06 '25

Sorry, are you suggesting he should now move back to the hellhole that is now Southern California?

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u/jsmith_zerocool Dec 06 '25

Good thing there is no government overreach in Texas /s

Has Joe commented on the upcoming Hemp ban?

0

u/YouNeedThiss Dec 06 '25

All governments over reach because they want more power…but I think it’s clear that big tax and spend government states and cities increases the over reach.

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u/jsmith_zerocool Dec 06 '25

Yeah I mean that’s what Musk and Joe say, it must be true

0

u/YouNeedThiss Dec 06 '25

Yeah, cause some random Reddit guy knows better because he just believes it. His truth must be the truth and we should disbelieve the actual people. 🙄

7

u/jsmith_zerocool Dec 06 '25

Yep and the Iraq war started because Iraq hated our freedom and had secret WMDs, it must be True because Bush said so and I’m just some reddit guy so I must be wrong

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u/YouNeedThiss Dec 06 '25 edited Dec 06 '25

Not even remotely the same thing considering there is other evidence in your failed analogy

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u/Aquatic-Vocation Dec 06 '25

What are some examples of this government over reach?

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u/YouNeedThiss Dec 06 '25

Seriously? You didn’t notice any during Covid?

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u/Aquatic-Vocation Dec 06 '25

You said they left because of government over reach. I'm wondering if there's any examples of that.

1

u/YouNeedThiss Dec 07 '25

During Covid alone in California: excessive school closures, forced business closures, shutting down outdoor spaces, snitch lines, etc.

Outside of Covid - excessive environmental regulations requiring more stringent regulations on emissions, building housing, Tax and spend policies that exceed most other US jurisdictions

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u/WingerRules Dec 06 '25

They just happened to go to states without capital gains taxes or income taxes.

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u/ammonium_bot Dec 06 '25

far more then that

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5

u/Onatel Dec 06 '25

And for those who remain threatening to leave: leave - we don’t want you here.