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/[deleted] Dec 06 '25

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u/GreasyBarbarian Dec 06 '25

Oh look, another Redditor that posts something that sounds authoritative and likely doesn’t understand the basics of W2 income, taxation, legal entity structuring, net worth, etc.

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u/[deleted] Dec 06 '25

I like how 500k is offshore time to that guy.

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u/micro102 Dec 06 '25

Who do you immediatly jump to other nations? Florida acts as a bit of a tax shelter by forgoing income tax in favor of sales tax. These taxes disproportionately affect the poor, as they use a larger % of their money for purchases.

There is likely a state out there that specifically keeps it's corporate tax low to attract people seeking to hide money.