Massachusetts is experiencing another projected billion-dollar surplus, largely attributed to the 'millionaires tax' that has generated over $2.6 billion this fiscal year. Introduced in 2022, this surtax on high earners aims to enhance public spending on education and transportation. Despite initial concerns that affluent residents might flee the state due to higher taxes, data shows an increase in the number of millionaires. Legislative debates are currently underway regarding the distribution of these funds, with additional revenue anticipated before fiscal year-end.
The surtax, introduced in 2022, generated over $2.6 billion this fiscal year alone, significantly exceeding projections and countering fears of affluent exodus.
Massachusetts voters approved the millionaires tax, which levies an additional 4% on earnings over $1 million, to benefit public projects and reserves.
Despite concerns about wealth flight due to increased taxes, the number of millionaires in Massachusetts has risen dramatically, showcasing the surtax's unexpected success.
Lawmakers are actively debating how to allocate the projected surplus, with a focus on funding for education and transportation initiatives.
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