It is no secret that people are fleeing high tax states to take refuge in tax-friendly states like Florida and Texas . . . the warm weather helps too.
Many people are either making permanent moves or part-time moves earning them the title of “snowbirds.”
But legislators in this one state are resorting to drastic measures to keep these residents from leaving their high tax state.
Massachusetts is without a doubt one of the most expensive states to live in and the tax burden is flat-out insane.
The worst tax of all is their estate tax, which kicks in at a measly $1 million.
This is nothing in the year 2021 where a modest home in Massachusetts can easily hit $1 million, not to mention cars, life insurance policies, and other common assets.
This tax, among all of the others in the state, has caused an exodus from the state, especially during the winter months.
But rather than lowering the tax rate, legislators are pursuing a ridiculous band-aid that they think will solve this issue.
Of course, nothing fixes a problem like more red tape and government intervention.
The bill would raise the threshold of the estate tax to $2 million.
Although this is a baby step in the right direction, it does not address the problem at all.
Legislators in this dark blue state are completely missing the point . . . perhaps if they got rid of the estate tax altogether (which very few states have in the first place) then they would not need to keep raising the threshold.
But of course that would mean cutting taxes, which most politicians have no idea how to do.
With that in mind, it is unlikely that this bill will have any impact on the problem at hand.
Stay tuned to Blue State Blues for any updates to this ongoing story.
