Report Shows Inbound and Outbound Migration
The Massachusetts Fiscal Alliance made the following statement today regarding the Tax Foundation releasing a new report that shows Massachusetts is the 8th highest state in the country for emigration, putting MA in the top 10 worst states. The report lists the states for inbound and outbound migration. The only states worse off than Massachusetts, were North Dakota, Kansas, California, Connecticut, Illinois, New York and New Jersey. In the New England region, New Hampshire was ranked at #24 and Maine at #14 best. The Tax Foundation report may be found at: https://taxfoundation.org/state-migration-trends/.
Massachusetts is also considered the most aggressive state in the country for collecting a state “death tax” (aka inheritance tax). While many states reform or eliminate their state’s death tax to keep retirees in their state and paying taxes, Massachusetts continues to be complacent on the matter. According to the Tax Foundation, Massachusetts and Oregon have the lowest inheritance exemption levels at $1 million, while New York has the highest exemption level at $5.9 million. More information on the death tax may be found here: https://taxfoundation.org/state-estate-tax-state-inheritance-tax-2020/.
“As lawmakers and State House leaders consider their legislative priorities for 2021, its worth pointing out that Massachusetts is losing population. Taxpayers and businesses show their displeasure through moving and the Tax Foundation report is another clear example of this,” stated Paul Diego Craney, spokesman for the Massachusetts Fiscal Alliance.
“Whenever Massachusetts is ranked in the bottom ten, State House leaders should be worried. If they continue to pile on new and higher taxes, regulations, or schemes like TCI, it will only make things worse,” continued Craney.
“This month, new regulations go into effect that drive up the cost of doing business in the state and lawmakers will soon likely vote to advance their amendment to the state constitution to raise taxes on high earners. There is little doubt that if these big government politicians are successful, Massachusetts will soon find itself even further toward the bottom of the pack, with a mass exodus of taxpayers and businesses leaving,” concluded Craney.