Excellent update on year 2 of this program:
Last May, we were very happy to report that the Millionaire Tax instituted in the state of Massachusetts was working out very well, not scaring off all of the rich people, and raising funds for necessary education and transportation initiatives. The state had raised $1.8 billion — $800 million more than they predicted — and none of the terrible things the naysayers had predicted happened at all. But how are things going a year later? Even better! The tax has now generated $3 billion more than expected, for a total of $5.7 billion that has been spent on projects that are positively benefiting Massachusetts residents and “being used to bridge repairs, bolster literacy programs and address the transportation system’s budget deficit.” In case you need a refresher, the tax is a 4 percent tax on anything people make over a million dollars.
