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Taxes driving wealth out of Massachusetts and into Florida, New Hampshire
Wealthy residents and businesses are leaving the state at a troubling rate — an exodus that could grow now that working remotely is gaining widespread acceptance, a new Pioneer Institute report states.
Many older residents have been aging out of the work force and cashing out of their high priced MA real estate as they no longer utilize the top tier school system or job market access. I plan to do the same in 30 years or less.
Despite all this fleeing wealth, MA is still #2 in terms of wealth per capital.
Last edited by Shrewsburried; 02-04-2021 at 06:46 PM..
It seemed like for a while older retired people were buying expensive places in Boston. I never quite understood that one but I seem to be in the minority there. I can see wanting to downsize but not necessarily to a busy city.
While Mass certainly isn't a low tax state, many others have taxes on par with ours, without seeming to suffer the negative image for it. Maine for example, has income tax, sales tax and real estate tax on par with Mass (maybe even a bit higher), and yet I don't hear all the criticism and complaining about Maine.
I doubt people leave MA because of taxes. Weather and housing prices seem more reasonable, although, as a retiree, I would take into account the amazing (comparatively) healthcare MA has before moving to some of the cheaper states.
It seemed like for a while older retired people were buying expensive places in Boston. I never quite understood that one but I seem to be in the minority there. I can see wanting to downsize but not necessarily to a busy city.
It's a personal choice. I'd consider it when I no longer have a need for a 4 BR house with a big yard.
Having experienced NY and CA, I was surprised by how reasonable MA taxes considering the great education system and solid infrastructure. I far prefer MA government rather than low tax states with under investment in education, public health, and infrastructure. People are probably tired of my positivity about MA, but I've come to love Boston and the surrounding area as a my adopted home.
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