Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
This is a tax on people with over $1 million income annually. It’s very hard to sink as low as becoming a mere “millionaire” on $1 million annual income.
A person making $1 million in income would need mutliple expensive hobbies, multiple nasty drug habits and to recklessly sink a few yachts, just to drop as low in net worth as a humble jeans-wearing crime-avoiding salt-of-the-earth “millionaire”.
An average chap who spent 40 years owning a small lawn mowing business is a millionaire. This tax doesn’t touch his money, at all.
I guess “multimillionaire” and “decamillionaire” don’t roll off the tongue, in headlines, though.
“millionaires tax” is such a ludicrous misnomer.
This is a tax on people with over $1 million income annually. It’s very hard to sink as low as becoming a mere “millionaire” on $1 million annual income.
A person making $1 million in income would need mutliple expensive hobbies, multiple nasty drug habits and to recklessly sink a few yachts, just to drop as low in net worth as a humble jeans-wearing crime-avoiding salt-of-the-earth “millionaire”.
An average chap who spent 40 years owning a small lawn mowing business is a millionaire. This tax doesn’t touch his money, at all.
I guess “multimillionaire” and “decamillionaire” don’t roll off the tongue, in headlines, though.