Millionaires might complain about new tax, but they probably won’t flee, studies show

Jun 21 2017

By Michael Levenson, The Boston Globe

A study by the Center on Wealth and Philanthropy at Boston College found that, in the four years following New Jersey’s income tax increase, $70 billion in wealth left the state, while the expected amount of charitable giving fell by $1.1 billion. “It doesn’t take too many of them to leave before it adds up,” said Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, a business-backed think tank that opposes the higher tax rate in this state.
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