In news that will surprise absolutely no one, the Massachusetts "Millionaires' Tax," has raised a f%$# ton of money, without the rich pig types not fleeing the state as had been threatened.
Funny, innit?
The “millionaires tax,” which went into effect for the first time last year, is set to bring in billions.
State officials announced Monday that the surtax on high earners had generated more than $1.8 billion in revenue this fiscal year, with three months left to go, according to the State House News Service.
This means state officials could have millions of dollars to spend on transportation and education initiatives.
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The SHNS reported that the revenue from the tax is already $800 million more than the Legislature and Gov. Maura Healey planned to spend in surtax revenue for all of the fiscal year 2024.
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However, the estimates supported claims that the surtax would generate significant revenue for the state, despite fears that it would drive out some of its wealthiest residents.
In 2022, voters approved the ballot initiative that levies an additional 4 percent tax on annual earnings over $1 million.
Even if tycoons do flee the state, it will serve to make more land available for housing, and reduce the effect of lobbying on the government.
What's not to love?
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