Students in Massachusetts will get free lunch and breakfast at school thanks to a new 4% tax put on people who earn more than $1 million.
Students in Massachusetts will get free lunch and breakfast at school thanks to a new 4% tax put on people who earn more than $1 million.
Good. Now slap a 0 to the end of that 4, and then double it.
Made me curious what the total tax rate would be in Mass. Apparently it has a flat 5% income tax, plus 4% millionaires tax, plus federal rate for income over about 578k is 37%, so altogether it’s 46% for income over a mil in Mass.
Definitely think it should be higher for such wildly high income. Also disappointed to see for being a relatively progressive state Mass has a flat rather than progressive income tax.
Higher, nothing. There should be a rate above which it’s taxed at 100%. No one needs to be as rich as Musk or Zuckerberg or Bezos.
And no millioneir will keep his money in a state where those are the tax rates. If you make it too high you literally get nothing.
Awww. Too bad for them. What will we do without millionaires hoarding their wealth?!
No, he’s saying they will keep it. Just in a way that mass gets literally nothing
So either they will get a lot of money or things won’t be any different except millionaires won’t be there hoarding wealth?
I’m not seeing a downside yet.
I think they mean the millionaires will find other ways to hoard it to avoid tax levels they won’t stomach. Fair? No. Reality? Probably.
People make the same argument about not returning to the tax rates of the 1950s. I say let’s try it and find out.
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And yet you guys wonder why millionaires move to Texas. You increase the taxes above a certain number and they’ll take all their wealth, consumption and their taxes to another state.
Taxes should be sustainable. High taxes on rich people aren’t sustainable because they’ll leave taking whatever taxes they pay and whatever consumption they do which contributes to the economy.
As your income increases, your ability to reduce taxable income also increases. The goal of the state is basically to target the lazy.
In other words, “Don’t provide children with free meals.”
I’m pretty sure at an 80% rate the millionaires would just spend the rate moving, out of state or out of country depending on how far reaching it was.
And nothing of value was lost…
Like, oh no, what would a state do without their money hoarding exploiters that alredy contribute less than the bare minimum???
And worse - if everyone decided to make these laws, where will the poor millionaires escape to then???
Oh, won’t someone think of the millionaires!!!11
Except the taxable income you wanted to tax?
I don’t want to tax, I want to eat.
You mean the money that we already aren’t getting?
That’s exactly how that would go.
why didn’t that happen from 1944 through 1963 when the top marginal tax rate went over 90%?
People found all sorts of loopholes to not pay that. Nobody paid that much taxes.
Do you have any evidence for that claim, or are you just stating it with certainty because it feels right to you?
Nobody paid 90% of their total income because that’s not how tax brackets work.
So lemmy is just as stupidly socialist communist as reddit… got it…
Because I know how taxes work?
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Then we’d be rid of them at least