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.
And clearly keeping enough of those rich folks enough to reach 150% gains on the goal.
I don’t understand where this automatic assumption that everybody with money is going to avoid taxes. Some of the most heavily taxed places are the richest (such as Maryland, or New England states), because most “rich, but not fuck-you rich” people do seem pretty damn okay with investing in their immediate communities. These aren’t people who are taking private jets to commute between gated communities - they’re the level where they’re riding their bikes in early retirement to the parks and libraries and community events to fill their time between traveling. From what I’ve seen, it’s when you get to “so rich you either won the lotto or litterally have to be a lucky sociopath to have gotten this far” levels that they really start fighting it.