General Massachusetts Politics Discussion

[jklo]

I'm curious as to how many people with incomes well above $1 million have those consistently. If the startup you work for gets bought out or goes public you can hit a multi-million payout in one year, but that's not a recurring income stream you shape your life around. I wonder how many people fit in that bucket.

I was going to say mainly Pro Athletes (sorry, Red Sox) and yeah windfalls. Which would include the profit from selling their home.

That's not how state income tax works. This is an oversimplification, but in the end you basically end up paying the higher of where you live and where you work. And if you work in multiple states you allocate your "where you work" income accordingly.

Looks like you are correct, at least for Maine. I wonder if the people going to Maine realize that.

 

[The EGE]

I have to wonder how much of the outward migration, especially at the lower end of that $200k+ range, is due to housing costs. That's going to be a much larger financial consideration for the majority of that range than the tax.