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 ...

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.

  • sbv@sh.itjust.worksEnglish
    62·
    11 months ago

    The amendment was narrowly passed via a statewide ballot initiative in 2022 despite claims by opponents that it would force wealthy residents and businesses to leave the state.

    Props for getting it passed.

    • partial_accumen@lemmy.world
      33·
      11 months ago

      despite claims by opponents that it would force wealthy residents and businesses to leave the state.

      That would lower housing costs. Probably not the smartest pitch for the opposition to take.

    • hperrin@lemmy.world
      24·
      11 months ago

      Oh no what will we do without all the wealthy robber barons exploiting us.

      Seriously, what a dumb threat.

      • betterdeadthanreddit@lemmy.worldEnglish
        7·
        11 months ago

        This is also the crowd whose second favorite book that they’ve never read is a fantasy about the wealthy robber barons making their own society with blackjack and hookers and leaving the rest of us to rot.

    • gravitas_deficiency@sh.itjust.worksEnglish
      14·
      11 months ago

      Thank you. I was stoked to vote for it, and very happy to see it pass. That said, there was a truly silly amount of misinformation that the opponents were running. At one point I got fed up with their bullshit propaganda texts and just responded by trolling them back. I know it’s a bot, but it was cathartic.

      • sbv@sh.itjust.worksEnglish
        51·
        11 months ago

        At one point I got fed up with their bullshit propaganda texts and just responded by trolling them back. I know it’s a bot, but it was cathartic.

        Sometimes yelling at a cloud makes me feel better.

    • kWazt@lemmy.world
      10·
      11 months ago

      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.

    • ilinamorato@lemmy.world
      8·
      11 months ago

      I’m torn between “…and nothing of value was lost” and “…but of course those fears never materialized.” But I guess por que no los dos?