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.
I grew up in a college town where repaving did actually work like that: streets didn’t get repaired at all unless a majority of the homeowners voted to approve a surtax to pay for it. In areas that were mostly college student rentals, the scumlord “homeowners” always voted against the surtax and the streets were nearly un-drivable, more like uneven dirt roads with big chunks of broken asphalt embedded in them.