Massachusetts residents who moved out of state carried away a net $4.2 billion in adjusted gross income in 2023, according to Internal Revenue Service migration data—one of the largest such outflows recorded nationwide that year. You can view the IRS migration data HERE.
The figure represents an 8 percent increase from 2022. High earners accounted for 70 percent of the lost income, more than double their share in 2019. The total 2023 outflow fell short of the 2021 peak but stayed well above pre-pandemic averages.
The data cover the first full year of a 4 percent surtax on annual incomes above $1 million. Voters approved the measure in 2022 to finance schools and public transit. You can view the Mass.gov’s page with full information about the $1 million dollar surtax HERE. Net tax returns filed by departing residents dropped 36 percent from the previous year, yet the income attached to higher-bracket movers rose…