What people are saying about our new report on the growth of millionaires in RI, NY, WA and MA
On April 28th, the State Revenue Alliance and the Institute for Policy Studies released a detailed analysis of the impact of higher state taxes on high-income earners in two states that have enacted such taxes – Massachusetts and Washington – and the potential impact of levying taxes on the highest earners and the wealthiest individuals in New York, and in Rhode Island.
The response to our co-authored report has been amazing. Thanks to all of our partners and especially the Institute for Policy Studies team for your collaboration, contributions and positive feedback. We are proud to share a sampling of the initial response and news stories below.
The Republican Editorial, May 5, 2025
“Yet one research group found that the ultra-wealthy in Massachusetts are not leaving; in fact, the group grew by more than 35% from 2022 to 2024. An analysis by the Institute for Policy Studies and the State Revenue Alliance found that those with at least $50 million in total wealth grew from 1,954 state residents to 2,642.
Massachusetts is in an enviable spot. We do not have to guess what will happen if we tax wealthier earners at a higher rate. We know. State revenue will grow and the wealthy, despite claims to the contrary, will stick around.
We know that because the evidence following the adoption of the Fair Share Amendment continues to prove it.”
MassLive.com, April 28, 2025
“The wealthy are staying in the Bay State — and they’re paying. And there are more of them.
The analysis by the Institute for Policy Studies and State Revenue Alliance concluded that the number of ultra-wealthy people, defined as those with at least $50 million in total wealth, grew from 1,954 in 2022 — before voters approved the Millionaire’s Tax at a statewide referendum — to 2,642 in 2024.”
Boston 25 News, April 28, 2025
“‘[The report] is further evidence that multi-millionaires are not fleeing the state in response to the new tax—they are staying here, paying more in taxes, and enjoying the stronger transportation and public education systems that Fair Share dollars are funding,’ said Shanique Rodriguez, executive director of the Massachusetts Voter Table and a member of the Raise Up Massachusetts Steering Committee.”
Boston Globe, April 28, 2025
“There is no evidence to support that millionaires are fleeing Massachusetts due to this surtax. The trend of wealthy individuals staying in states with higher taxes than the national average shows that tax policies alone are not the determining factor for whether people stay or leave.” John Logan, Professor of Sociology at Boston University
Boston Herald, May 1, 2025
“Andrew Farnitano, spokesman for Raise Up Massachusetts, a millionaire’s tax advocacy group, slammed surtax opponents, whom he said argued the money ‘wouldn’t generate anywhere near the estimated $2 billion a year’ in transportation and public education investments.
‘They’ve been proven wrong on all counts,’ Farnitano said in a statement. ‘Now, the same lobbyists for the ultra-rich are using cherry-picked anecdotes and data from 2022 — before the Fair Share Amendment took effect — to try to argue that multi-millionaires are fleeing the state in response to the new tax. The evidence proves them wrong.’
‘The evidence is piling up: when millionaires are asked to do their part, they stay and pay. It's not surprising—investing in our schools, hospitals, roads, and bridges makes Rhode Island better for everyone, including the wealthy,’ said Zack Mezera of Rhode Island Working Families Power."