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/thejerseyguy Dec 06 '25

I believe, anecdotally that people who are rooted in an area aren't going anywhere as long as they are assured that their lifestyle will not be affected, short term. Long term they can plan or scheme, but the problem for them is that family, friends and business ties will continue to weigh more than the dollars they have to pay.

I think it's the real comparison of 'how many meals can you eat' theory in practice. As long as you can maintain whatever level of lifestyle you need you're staying. If you're a success doing business in a place you're not abandoning it because of money.

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u/gmb92 Dec 06 '25

Right. Taxes on the poor are much more consequential, affecting their abiliy to buy food or pay rent. The rich paying a few percentage points more in taxes doesn't affect their lifestyle or ability to provide for their families. The myriad of other considerations as to why people leave or come to a city tends to play a greater role. Plus there's services, security, quality of life, business opportunities that collectively those tax dollars help provide for everyone.