The common thought is that millionaires will flee a state if their taxes are raised, and the state of Massachusetts is considering just that — a constitutional amendment that would put a 4% tax on the income of some 21,000 millionaires in that state. But Omar Ocampo’s recent paper in the Institute for Policy Studies, “Debunking the Myth of the Fleeing Millionaire“, contradicts that misconception and estimates that they are less likely to move than the average citizen. Massachusetts estimates that around $1 Billion will be raised and used for public education and transportation improvements.

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