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.
The fear mongering and misinformation in the campaign against this ballot initiative was ridiculous. Opponents tried to take advantage of ignorance about how marginal taxes work.
If you sell your house for $1,000,010.00, under this new law you pay an extra 40 cents on top of what you’d have normally paid.
Wow. Clearly theft. Taxation if theft. Let the children die and leave the potholes in front of my burning house.