Impact of Massachusetts Taxpayers Exodus on State's Finances

Saturday, 6 July 2024, 19:17
The exodus of taxpayers from Massachusetts has resulted in a substantial loss of $3.9 billion in 2022, positioning the state as the fifth highest in the country for 'adjusted gross income' lost due to domestic migration. This trend indicates a significant financial challenge for the state, trailing only behind California, New York, Illinois, and New Jersey. The fleeing taxpayers have a notable impact on the state's revenue and economic stability.
Bostonherald
Impact of Massachusetts Taxpayers Exodus on State's Finances

Massachusetts Taxpayers Exodus

The 2022 IRS data reveals a staggering loss of $3.9 billion in tax revenue for Massachusetts.

Impact on State Finances

The state ranks fifth in 'adjusted gross income' loss due to domestic migration, trailing major states like California and New York.

  • Financial Challenge: The outflow of taxpayers poses a significant financial challenge for Massachusetts.
  • Economic Stability: Fleeing residents impact the state's revenue and overall economic stability.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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