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.
Props for getting it passed.
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.