Millionaires have deep roots
MassBudget Information. Participation. Massachusetts Budget and Policy Center Democracy. April 12, 2018 Millionaires have deep roots: An analysis of eight states Massachusetts can have an economy that generates broad prosperity and home-grown millionaires with world-class education and infrastructure. Several other states have top income-tax rates as high, or substantially higher, than what is proposed in Massachusetts. Those states do not have fewer millionaires, and have not seen less growth in their share of millionaires over time. The Massachusetts Budget and Policy Center's new report, What Has Happened in Other States with High Tax Rates on Million-Dollar Incomes? finds that strong state economies are built from the ground up, with a focus on fundamentals like a well-educated workforce. Internal factors, not migration, drive growth of overall incomes and of hig...