New Millionaire Tax BLOWS UP With Massive Unexpected Victory
January 7, 2024
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3:47Now PlayingNew Millionaire Tax BLOWS UP With Massive Unexpected Victory
YouTube Description
as posted by the channelNew millionaire 'Tax the Rich' law in Massachusetts proves to completely surpass expected revenue by millions, which will go to public transportation, free school meals, tuition for community college and more. John Iadarola and Trae Crowder break it down on The Damage Report.
Read more here:
New Massachusetts 'Tax the Rich' Law Raises $1.5 Billion for Free School Lunch and More
"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."
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