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.

  • hperrin@lemmy.world
    link
    fedilink
    arrow-up
    24
    ·
    1 year ago

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

    Seriously, what a dumb threat.

    • betterdeadthanreddit@lemmy.world
      link
      fedilink
      English
      arrow-up
      7
      ·
      1 year 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.