Tax the wealthy? Yes, it does work!

Thank you, Wonkette, for posting an editorial about how well the Massachusetts Millionaire Tax is working for that state.  

 

From Wonkette - "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.Yes. One million dollars. This means that if you make $1,100,000, they will be taxed a whopping $4,000 extra. That’s like, a single Chanel bag. They can deal — and deal they have! Most of them, anyway. "

From Mass.gov - The Massachusetts personal income taxpayers, and other taxpayers subject to Massachusetts General Laws, Chapter 62, pay an additional 4% surtax on taxable income that exceeds the surtax threshold. This surtax threshold increases annually for inflation.  That's it.  That's all!  How simple is that!    

I, for one, living in Rhode Island which has... regionally on par tax rates, agree that I like the stuff the taxes pay for; like police, fire, ambulances, public schooling (we are ranked pretty good in the nation!), infrastructure, etc. Can you imagine if all the states adopted the Massachusetts ideal?  Go ahead, SCROTUS, have a tantrum and threaten to withhold Government funding.  We'll be just fine.   

Onward,

Rade