By BBJ Editorial Board | July 17, 2026

Greater Boston is riding a wave of economic activity— with throngs of tourists crowding the coastline to view the Tall Ships and restaurants and bars still aglow from World Cup fans drinking them dry. But someone has to point to the hidden shoals upon which our regional economy could flounder.

We’re talking about another wealth tax.

We know that wealthy people with multiple homes can easily “re-domicile” themselves to save on taxes. (Two-thirds of accounting professionals in 2024 reported that at least one of their high-income clients relocated out of state in the past year, according to the Massachusetts Society of CPAs.) And we know that Massachusetts is one of just six states that has yet to regain pre-pandemic employment levels. (Massachusetts had 24,000 fewer private-sector jobs in April 2026 than in January 2020 — while competitor states such as Texas, Florida and North Carolina have all grown by over 10%.) So why are local organizers working behind the scenes to bring to Massachusetts another dangerous wealth-tax proposal, this one from California?

Because no one is speaking out against such an idea.

California’s measure, which qualified for their November 2026 ballot, would levy a 5% tax on residents with a net worth over $1 billion. Even if it is, as advertised, a “one-time tax,” the damage is done: The billionaires who live there aren’t waiting for November to see if it passes. They’re fleeing California now.

Here in Massachusetts, the teachers union has said its members have voted to pursue a wealth tax proposal for a future year. Max Page, president of the MTA, was recently quoted as saying, “One campaign I’m watching very closely is UHW-SEIU’s (United Healthcare Workers–SEIU) statewide initiative to tax the wealth of billionaires in California. … I hope a wealth tax is the next tax campaign we take on in Massachusetts.”

We have sounded this alarm already, but business and policy leaders must mobilize and send a unified message to the wealthiest residents in Massachusetts that now is not the time to move. It’s time to communicate to your legislator and to the Healey-Driscoll administration that a “one-time tax” not only fails to solve long-term, structural budget issues, but it sends a terrible message to those who represent a large percentage of the tax base.

Christopher R. Anderson, president of the Massachusetts High Technology Council and co-founder of the Mass. Opportunity Alliance, put it this way: “California’s one-time wealth tax proposal should serve as a reminder that Massachusetts’ competitiveness depends on growing — not diminishing — its tax base. And business leaders have a responsibility to work together to help policymakers and the public understand how policies that discourage investment ultimately reduce economic opportunity, job creation and state revenues.”

Don’t be fooled by this summer’s economic boom. The Boston-area economy is facing a cooling job market. Employment is down 2% over the past year, according to the U.S. Bureau of Labor Statistics.

We are already losing high-income residents and businesses to lower-tax states. Now is the time for the business community to be as vocal as possible that punitive “one time” tax policies do far more harm than good.