Mastodon Feed
Boosted by jsonstein@masto.deoan.org ("Jeff Sonstein"):
rayckeith@techhub.social ("Haderach C. Kwisatch") wrote:
"Voters narrowly approved a 4% surtax on incomes over $1 million in a statewide ballot referendum in November 2022. Advocates pushed, saying the new tax would bring in over $1 billion a year in new revenue to fund programs like free school lunches for students and free community college for state residents. But critics said it would likely force millionaires to leave the state.
"The verdict: The new report found the number of ultra-wealthy residents in Massachusetts — those with at least $50 million or more — has actually grown since 2022, from 1,954 to 2,642 in 2024. The millionaires' tax also greatly surpassed its projections in the first year, generating S2.46 billion for the state in 2023 alone. State officials expect it to haul in the same amount of revenue annually. "This is further evidence that multi-millionaires are not fleeing the state in response to the new tax," said Shanique Rodriguez, executive director of the Massachusetts Voter Table."
https://www.wbur.org/news/2025/04/28/massachusetts-millionaires-tax-institute-policy-studies-newsletter