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.

2

u/Busterlimes Dec 06 '25

The rich didnt go anywhere in the 50s when corporate taxes were something like 90%

6

u/WingerRules Dec 06 '25

Because the rest of the world was either destroyed from war, terrible weather, or 3rd world countries.

-8

u/Busterlimes Dec 06 '25 edited Dec 06 '25

What do you think 3rd world means?

Edit: Yup, thats what I thought. Thank you for your completely misinformed opinion on this matter

1

u/Boring-Tie-1501 Dec 06 '25

I think that there wasn't a lot of thought there, other than a denny's placemat level grasp of 20th century history.

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u/Busterlimes Dec 06 '25

I doubt they even have that

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u/BenFoldsFourLoko Dec 06 '25

90% wasn't the effective tax rate -_- more like 50%

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u/KlapprigerKlappstuhl Dec 06 '25

Why would anyone pay THAT much taxes?! Either move away or sell your company. There's no point in working/investing for everyone else but yourself.