$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich
$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich
Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
"millionaires tax" is such a ludicrous misnomer.
This is a tax on people with over $1 million income annually. It's very hard to sink as low as becoming a mere "millionaire" on $1 million annual income.
A person making $1 million in income would need mutliple expensive hobbies, multiple nasty drug habits and to recklessly sink a few yachts, just to drop as low in net worth as a humble jeans-wearing crime-avoiding salt-of-the-earth "millionaire".
An average chap who spent 40 years owning a small lawn mowing business is a millionaire. This tax doesn't touch his money, at all.
I guess "multimillionaire" and "decamillionaire" don't roll off the tongue, in headlines, though.
9Raise it to 10%. And tax any idle stock over 1 million shares, 1% per share, per curent price, per quarter.
7I kind of disagree. We should go for people at the top 1% with large shares in top companies
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