According to the Boston Business Journal, “Boston’s leafy suburbs are still most popular among millionaires, but new tax policies have the state’s wealthy set feeling the pinch”. The article indicates “State income-tax data indicates that, despite surging stock values and a solid recovery in the local housing market, the commonwealth saw sharp year-over-year declines in the number of residents reporting at least $1 million in earnings in 2013. The falloff marked a stark departure from the previous three reporting periods, making 2013 the first year since the 2008 credit crisis and recession that Massachusetts saw a drop in income among its most-affluent residents.”
The data shows clearly why millionaires follow politics and understand the big picture impact. 2013 was the year the bush era tax cuts expired, millionaires cashed out by accelerating income related activities during 2011 - 2012. So the key is to avoid paying high taxes and now… “many high-income earners have deferred asset sales and related income-triggering events to avoid the higher rates, hoping instead for a more-favorable tax climate following the 2016 national elections”.
“Overall, the state recorded 12,501 tax filers with at least $1 million in income in 2013, an 8 percent year-over-year slide. Likewise, total reported income among that group declined by 11 percent to $42.7 billion”.