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.
Last July. My property taxes are crazy high, because I live in an area with good schools and nice parks and amenities (eta such as a boat launch, public rock climbing along cliffs, a nice library, and near monthly open-air festivals in summer).
I no longer have a child in school and I haven’t used the parks in years, but guess what? I’m happy to contribute so other kids and my community can use those services because I’m not a narcissistic asshole.