US EditionMassachusetts Lost $4.2 Billion After Millionaire Tax
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3 Articles
Massachusetts Lost $4.2 Billion in Adjusted Gross Income from Out-Migration in 2023, IRS Data Show
Massachusetts residents who moved out of state carried away a net $4.2 billion in adjusted gross income in 2023, according to Internal Revenue Service migration data—one of the largest such outflows recorded nationwide that year. You can view the IRS migration data HERE. The figure represents an
Residents who left Massachusetts took with them a net adjusted gross income of $4.2 billion in 2023, one of the highest totals in the country, after a tax on millionaires came into effect.According to data from the Internal Revenue Service, the amount represented an annual increase of 8%, even when the total number of taxpayers leaving the state slowed down.This was the first year in which residents were subject to a 4% surcharge on income over …
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