How Republicans look at it: 4% of 1 million is 40,000 which is almost as much as my salary! How dare they take my whole salary away from me!
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The extra tax, known as the Fair Share Amendment, was approved by voters in November 2022.
Of that, $224 million will go to K-12 programs, including free lunch and implementing “clean energy” in schools, the governor’s office said.
“This FY24 budget shows that Massachusetts can address critical needs like housing, college affordability and hunger while also remaining fiscally responsible,” state Administration and Finance Secretary Matthew Gorzkowicz said.
“This spending plan is both affordable and necessary to meet the array of needs confronting our families, businesses and municipalities, and I am thankful to my partners in the Legislature for their collaboration to get this done.”
Additionally, $229 million will go to higher education, including making community college free for students 25 and older.
And $71 million will go toward increasing the number of child care slots for low-income families and “put the Commonwealth on a path to universal Pre-K,” the governor’s office said.
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Misleading title - they’re not doing this by applying 4% tax to the income of mere millionaires, they’re doing it by applying 4% to the incomes of those with annual incomes one million and over.
That’s a much, much wealthier cohort than the title implies.
Remember that this is a marginal income tax rate, i.e. it does not apply to the first $1 million of taxable annual income, only to the amount in excess of that threshold.
Assumed that as a given, but the title is as misleading as all of the general chatter about taxes which neglect to mention marginal rates.
