MA "Millionaire Tax" Generated $1.8B Already this Year, Exceeding Expectations

iluvatar5150 said:

https://archive.is/n1Enb

State officials said Monday that the voter-approved surtax on high earners has generated more than $1.8 billion in revenue this fiscal year — with still three months left to go — meaning state officials could have hundreds of millions of surplus dollars to spend on transportation and education initiatives.​

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Voters approved the measure in 2022 to levy an additional 4 percent tax on annual earnings over $1 million. At the time, the Massachusetts Budget and Policy Center, a left-leaning think tank, projected it could generate at least $2 billion a year.​

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State officials last year put their estimates slightly lower at up to $1.7 billion, and lawmakers embraced calls from economists to cap what it initially spends from the surtax, given it may be too volatile to rely upon in its first year.​

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So far, it’s vastly exceeded those expectations, generating nearly $1.4 billion alone last quarter, which coincided with a better-than-expected April for tax collections overall.​

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