Snap Judgments: Local Lawyers Offer Issues to Watch for in 2023
In Massachusetts Lawyers Weekly's feature titled "Snap Judgments" [sub. req'd], in which local lawyers were asked to speak on various issues to watch for in 2023, Richard Jones provided his thoughts on the new "Millionaire's Tax."
"Massachusetts’ new ‘Millionaire’s Tax’ is a game changer for high-income residents, whose income above $1 million will be taxed at 9 percent instead of 5 percent. This 80-percent increase could be the last straw for high earners already thinking about changing their domicile to New Hampshire or Florida, where there’s no income tax. They should plan carefully and consult with experienced advisors. The Department of Revenue aggressively audits taxpayers who attempt to change domicile, leading to a heavy docket of residency appeals and litigation. I represent taxpayers in these residency disputes and suspect the next few years will be particularly busy."