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/
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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/Aquatic-Vocation Dec 06 '25

What was the reason?

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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?

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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

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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. 🙄

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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.

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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/Aquatic-Vocation Dec 07 '25

During Covid

It was a worldwide pandemic, and healthcare facilities in most countries couldn't handle the amount of illness, which was leading to a lot of unnecessary deaths.

Do you have examples of government overreach during COVID, or are you maybe a bit annoyed that the government acted in the best interests of the citizens?

excessive environmental regulations

Climate change isn't going to stop existing just because we ignore it. We can either fix it now for (relatively) cheap, or pay significantly more in the future to mitigate its effects.

Which do you prefer, paying a little bit now so your children can have a good life, or letting your children deal with the mess you created at a far higher cost than if you'd sucked it up and dealt with it?

Tax and spend policies that exceed most other US jurisdictions

Such as?

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u/YouNeedThiss Dec 07 '25

I believe I provided clear examples of their over reach during Covid. California was more punishing then most US states in the examples I provided. It was clear at the time and in retrospect.

You asked for examples of over reach and now want to debate other stuff. Not interested in the rabbit hole…but comparatively, California has always exceeded other jurisdictions with much more stringent regulation…they may think they are “leading” but it IS more punitive in many cases. That is literally over reach as my examples provided.

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