On Election Day, a narrow majority of Massachusetts voters approved Question 1, also known as the Fair Share Amendment, which will transition the Commonwealth from a flat rate individual income tax to a graduated rate system.
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When NFL star wide receiver Tyreek Hill weighed offers from the New York Jets and the Miami Dolphins, no doubt there was a lot on his mind. But one consideration towered over the rest, at least according to Hill himself: signing with the Jets “was very close to happening,” but “those state taxes man. I had to make a grown-up decision.”
Every change to a state’s tax system makes its business tax climate more or less competitive compared to other states and makes the state more or less attractive to business.
Before competing in the UEFA Champions League, football clubs in Europe also compete to lure the best players.
Individuals respond to taxes by changing their behavior. Hence, when there are tax differences between countries, some might respond by moving to a lower-tax area. For higher-income individuals, the benefits of moving as a result of higher taxes are greater because they have more income or wealth at stake.