A new “millionaire’s tax” in Massachusetts was expected to generate $1 billion in revenue last year to help pay for public education, infrastructure, and early childcare programs, but projections were a bit off, according to a fresh state analysis.
The state Department of Revenue estimated late last week that the Fair Share Amendment, which requires people with incomes over $1 million, to pay a 4% annual surtax, will add $1.5 billion to state coffers this fiscal year, which ends in June—surpassing expectations.
Universal free school meals, much-needed improvements to an aging public transportation system, and tuition-free education for community college students are just some of the programs Massachusetts’ wealthiest residents have helped pay for after voters approved the law in 2022 amid growing calls across the United States to tax the richest households and corporations.
I just can’t follow the logic, I’m sorry. These people and businesses are worth millions, aren’t they? However 4% of millions could mean the difference between affluence and living on the street is beyond me. I mean, what other threats could realistically force millionaires to leave a place? Being butthurt? I’m betting they certainly won’t be too afraid to pick up the phone and call their wealth managers to tell them to start making their money work even harder for them than before.