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This as-told-to essay is based on a conversation with Sam Slater, a 41-year-old real estate developer based in Boston. It’s been edited for length and clarity.
I was born in South Florida, where my parents and uncle currently live, and I moved to Massachusetts when I was 10 years old.
I run our family office, which is based in both Boston and Palm Beach, Florida. We have business ventures across multiple industries, but my focus is on our real estate portfolio. From light industrial to agricultural to multifamily real estate, we’re well-diversified across many states in the US, as well as Canada.
It’s been interesting to see an increase in national interest in the Massachusetts millionaire’s tax as some initiatives in other states come up. I have friends in other markets who have been asking about it. Since its implementation in 2023, the obvious question to me is, why wouldn’t I move back to Florida?
The truth is, I often think about moving, but I feel strongly about why I’m staying. It’s all for my kids.
In addition to my focus on real estate, I also work in the sports and entertainment industry. I hold a minority ownership stake in the Seattle Kraken, an NHL team, and last year, I joined the ownership group of the Memphis Grizzlies. I’m very active in the world of sport, and it’s been a really enjoyable and successful venture. Over the past 15 years, I’ve also produced over 40 feature films.
With the progression of state taxes in the last few years, particularly the millionaire tax, I’ve seen many people, including friends in the hedge fund, private equity, and finance spaces, move or confirm their plans to do so. However, I’m in a slightly different situation.
I have two younger children, a 7 and 10-year-old, and I would prefer them to grow up here with all that Massachusetts has to offer.
We live in a town with a wonderful public school system, and I don’t want to take that away from them. More broadly, eastern Massachusetts and Boston, in particular, are highly accessible areas and offer a lot. We’ve got everything from sports to culture, and all four seasons. I don’t want to pull my kids from that for my desire to pay less in taxes.
If my children weren’t young, maybe my answer would be different.
It’s difficult to say if any changes I’ve seen in Massachusetts are a direct result of this particular tax. The broader market conditions in the economy are, in certain areas, quite strong, while in other areas, they are not.
If you take condominium sales in downtown Boston, we’re at extraordinarily low points both for pricing and velocity, especially if we’re looking back on a 10 or 15-year horizon. I think it would probably be a stretch to say it’s solely because of this tax, but high earners leaving Massachusetts removes potential high-end condominium buyers from the market.
Fortunately, I haven’t had to make any lifestyle changes because of the wealth tax, but I’m certainly aware of the taxes I pay in general, specifically as a result of this tax. My question is, what will come next after this?
What remains to be seen is how the additional revenue brought in to Massachusetts from this tax will trickle back to everyone in the Commonwealth.
If taxes continue to increase and no one can point to any substantial changes being made in the state, I think that’s when we’ll see a more meaningful exodus of people, even potentially myself, from Massachusetts.
The Massachusetts Bay Transportation Authority, our public transit system, has struggled for a long time, and it needs huge investments in its infrastructure and operations. Will we see a boost there? I don’t know.
There are two bridges that connect mainland Massachusetts to Cape Cod, and they’re nearly 100 years old. They were going to be replaced at a multi-billion-dollar cost, but some of the funding was cut due to the Trump Administration. Will we see some help for those projects?
I’m wondering if there’s anything that will be done to truly help move us forward, rather than just keep us afloat with the existing programs we have at the state budget level. I think more people who are paying the millionaire’s tax would be on board if there were a more complete message about how the tax dollars would be used.
It’s certainly something that people are watching and aware of, with good reason.
Do you have a story to share about paying a wealth tax? If so, please reach out to the reporter at tmartinelli@businessinsider.com.
A Massachusetts high school is under investigation after “several” teachers have been diagnosed with breast cancer or precancerous conditions.
The state Department of Public Health is set to visit Uxbridge High School on Thursday to “conduct a series of air quality tests,” to determine whether the multiple cases are potentially connected.
Superintendent David Ljungberg and Principal Michael Rubin alerted families and district staff on Monday of the “sombering news,” after Uxbridge High School’s graduation over the weekend.
“We are writing to inform you about a concern we are investigating at Uxbridge High School,” Ljungberg and Rubin stated in the letter. “Several female teachers have been diagnosed with breast cancer or precancerous conditions over the past few years.”
“It is, of course, possible that these multiple cases are not connected to one another,” the leaders added, “but out of abundance of caution, we are looking into any environmental factors at the school that may be a factor in their diagnoses.”
The 123,000-square-foot school, with an enrollment of roughly 600, was constructed in 2012 at a cost of $45 million, including a $22-million state reimbursement.
Uxbridge school leaders say they notified the state Department of Health and local health board as soon as they became aware of the cases, seeking “counsel about how best to proceed.”
“Massachusetts DPH officials have indicated that there is no evidence of immediate danger in the building and no reason to limit access to or use of the facility at this time,” they wrote in their letter. “In fact, the public health officials have commended our decision to approach them with these concerns, our readiness to partner with them in support of the evaluation process.”
Health officials are assessing the school’s interior and exterior to “ensure there are no issues with the infrastructure that would present risks (including electrical, plumbing, mechanical, HVAC, and other systems)” and the indoor and outdoor air quality on campus.
The superintendent and principal said that state officials have ruled out water supply as a “risk factor” after “thorough testing.”
“The team has reached out to the women who have been diagnosed, requesting data to evaluate whether there may be a connection among their cases,” Ljungberg and Rubin wrote. “We are grateful for their cooperation.”
They added that the state has said discovering an environmental “smoking gun” is “rare” in workplace investigations.
“However, even if a direct causal link is not established,” the leaders wrote, “the administration is utilizing this process to rigorously test the building and guarantee that it meets all safety standards moving forward.”
Local News
Massachusetts lawmakers are considering a measure that would allow cities and towns to temporarily extend bar and restaurant hours during the summer, as the state prepares to host FIFA World Cup matches and celebrations marking the nation’s 250th anniversary.
The legislation (H.5465) filed by state Rep. Carole Fiola, would allow licensed establishments to sell alcohol one hour later than their normal closing time, up to 3 a.m., between June 1 and Aug. 31, 2026. The bill would also allow communities to establish designated public consumption districts where alcohol could be consumed in approved public spaces.
In a press release announcing the bill, Fiola said the summer’s threefold events lineup — the World Cup, Tall Ships, and July 4th — is an economically significant moment that the state should take advantage of.
“We should capitalize on these events that will generate economic benefits for small businesses and the state as a whole. It’s a local opt-in idea worth exploring that’s being done in other states,” Fiola said.
The proposal has received support from Boston Mayor Michelle Wu and most recently Gov. Maura Healey, who submitted written testimony Monday to the Joint Committee on Economic Development and Emerging Technologies urging lawmakers to advance the measure.
“Massachusetts is planning for a once-in-a-generation summer,” Healey wrote, according to the Boston Globe. “In 2026, we will celebrate the 250th anniversary of our nation’s founding, welcome tall ships from around the world to Boston Harbor for Sail Boston, and host seven FIFA World Cup matches in Foxborough, along with watch parties across the Commonwealth.”
The governor argued that the added flexibility could help local economies benefit from an influx of visitors.
“That flexibility can help communities capture more visitor spending, support jobs, keep downtowns active, and strengthen Massachusetts’ image as a dynamic destination ready to host the world and a place our residents, including our young professionals, are proud to call home,” Healey wrote.
She also urged lawmakers to move the legislation forward, saying it will “help Massachusetts meet the full economic and cultural opportunities for the summer ahead.”
In Rhode Island, a similar bill to allow bars and restaurants to remain open until 4 a.m. during the World Cup was signed into law on Friday.
Fiola’s bill remains before the Joint Committee on Economic Development and Emerging Technologies. Any final version would require approval from both the House and Senate before reaching Healey’s desk.
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The meteor responsible for a loud boom heard in Rhode Island and Massachusetts Saturday afternoon was approximately 5 feet in diameter and weighed more than 12,000 pounds, according to NASA.
The object entered Earth’s atmosphere at roughly 42,000 mph, a NASA spokesperson said. It then traveled through the atmosphere from northwest to southeast for 26 miles before breaking up and producing a meteorite fall into Cape Cod Bay.
The energy released when the object broke up at an altitude of 31 miles is estimated to be equivalent to about 230 tons of TNT, according to NASA.
Professor Ralph Milliken of the Department of Earth, Environmental, and Planetary Sciences at Brown University spoke with NBC 10’s Mike Cerullo. (WJAR)
While it’s not very common to experience a 5-foot-wide meteorite, there is a significant amount of debris from space that reaches Earth.
“The estimates are that we probably have about 5,000 tons of cosmic dust and material and meteorites landing on Earth. The vast majority of that is super tiny stuff, we’re talking things that are smaller than a grain of sand, or the thickness of a human hair,” said Professor Ralph Milliken of the Department of Earth, Environmental, and Planetary Sciences at Brown University. “For something of this size a few feet across, it’s not that common, but a few a year. Most of these would occur over uninhabited areas, over the ocean, and we wouldn’t be able to see them, but they are detected.”
Because of its size, a meteorite with a 5-foot diameter is difficult to track before it enter Earth’s atmosphere.
“It’s virtually impossible to kind of know in advance of this size object coming,” Milliken said.
The area where a meteorite crashed in Cape Cod Bay. (WJAR)
Scientists are, however, able to track much larger space objects. NASA has been developing technology to try to deflect larger objects if needed.
Events like what occurred in New England over the weekend are recorded. Although other fireballs enter Earth’s atmosphere throughout the year, many of them materialize over water and uninhabited areas.
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