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Mamdani got the idea of taxing the rich from Massachusetts' tax program 'Fair Share' or 'Millionaire's Tax', which is highly successful and where the rich have not fled, and where the nonrich, young workers' fleeing unaffordable city living has slowed. Other states are following suit, such as Rhode Island plans a tax hike on vacation homes that are $1 Million and over named the "Taylor Swift Tax".
States raise taxes on rich to plug budget gaps and offset federal cuts | Fox Business
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"Massachusetts voters heard the same arguments in 2022. Spearheaded by Patriots owner Robert Kraft, New Balance’s Jim Davis, and Boston investment firm CrossHarbor Capital Partners, the opposition argued that Fair Share would not address the state’s fiscal needs; it would create tax flight and punish homeowners selling on the market. Three years on, what are the effects of the millionaire tax? The evidence is that Fair Share revenue has exceeded expectations: it’s repaired bridges, funded bus routes, hired teachers, and made community college and school meals available to all. There has been no significant outmigration of the wealthy. In fact, the number of millionaires by net worth has increased by over 30 percent, and the outward tide of nonrich, young workers has slowed."
Massachusetts’s Millionaire Tax Didn’t Lead the Rich to Flee
"The only journey is the one within."