AOCImpeachment'
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.
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.
The state analysis of the law shows that requiring wealthy households to pay more in taxes to contribute to the greater good has overall benefits for the state, said observers including Jonathan Cohn, political director for Progressive Massachusetts.