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Matthew A. Morris quoted in Law360 on Massachusetts’ newly passed “millionaire’s tax”

November 10, 2022

Matthew A. Morris, partner in the firm’s Business Law Department, was quoted in a recent Law360 article on Massachusetts’ newly passed “millionaire’s tax.” The article, “Mass. Millionaires’ Loss is Attys’ Gain As Tax Measure Passes,” discusses the implications the “millionaire’s tax” could have on both state and tax attorneys, as well as businesses reporting more than $1 million in taxable income annually.

Read the full Law360 article (subscriber content).

To learn more about Massachusetts Millionaires’ Tax, read Matthew A. Morris’s article on this topic, “Massachusetts Millionaires’ Tax Ballot Question – What You Need to Know.”

From the article:

Matt Morris of Sherin and Lodgen LLP predicted there “could be a bit of a scramble” to squeeze in sales before calendar 2023 comes to an end, particularly in a situation in which the buyer and seller have some flexibility.

While he said some big taxpayers may end up relocating to avoid shelling out the extra cash, he does not envision the state’s top earners making a mad rush across state lines.

“My general feeling is there was lots of talk that there was going to be this exodus of job creators in the commonwealth and that the tax is going to send a huge number of high-net-worth individuals packing for other states, but I think that those concerns are overstated,” Morris said.

After all, Morris said, Massachusetts has long had a flat tax, which was enshrined in the state’s Constitution in 1915.

“Folks who have that level of income have already considered the idea of relocating to another state,” he said. “I don’t anticipate that this particular law would be the deciding factor for people to abandon their Massachusetts domicile.”