Massachusetts passed a millionaire's tax [4% on incomes over 1million]. Now, the revenue is paying for free public school lunches. [And Bridges, And mass transportation, And Roads, And expanding child care access And financial aid for college students, And...]

submitted by therazorx👹🧹🥇 The road to truth is often messy. 👹📜🕵️🎖️ from cbsnews.com

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[–]CNicholsonArt 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (4 children)

A beat up ranch house within rte 128 is worth $1M. There's a lot of working class people who were counting on Mom's house sale who got screwed. Should have been 10% on $5M.

[–]NetweaselContinuing the struggle 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

A beat up ranch house within rte 128 is worth $1M.

"Worth $1M" is not the same as "income over $1M."

[–]sdl5 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (2 children)

It is when they tax it at current value upon death....

[–]NetweaselContinuing the struggle 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

when they tax it at current value upon death....

I don't think it works that way, but even if it does, you would still be receiving 96% of that value.

[–]sdl5 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

They do in Cali.

And you are "receiving" that money only if you then SELL your inheritance home shelter- which many are forced to, seeing as not only do they owe big taxes suddenly that are far beyond their income or hope to gather or pay a loan taken out even, they now owe PROPERTY TAXES every year based on that new massive value assigned that are often themselves far beyond what they can afford to pay. 😕

And when they do that they are then taxed AGAIN by the State and Feds as a sale. Hugely. Not joking.

That inheritance tax is an entirely different tax than off "profit", which would be the value assigned less initial purchase price- regardless of any mortgage size outstanding. Ouch.

Now they have paid inheritance tax, profit tax, probably at least one round of property tax and insurance, a bunch of realtor fees, and in most cases paid off an outstanding mortgage...

If that last is big enough, THEY ARE ACTUALLY LEFT WITH A DEBT AND NO INHERITANCE HOME TOO.

[–]mzyps 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

It probably contributes to Massachusetts being a nice place to live, in more places than before. Congrats to them.

[–]Maniak🥃😾 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (2 children)

Now to spread this to every state, then make that 4 closer to 100.

[–]ageingrockstar 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Wealth taxes are a dumb, infeasible idea. The truly rich, e.g. your example of people with > 100 million, will be able to hide their money or get loopholes passed that protect their wealth. There is no way they will allow their wealth to be taken away short of an actual revolution on the scale of the French or Russian revolutions. You have to undermine the ways that they create ill-gotten wealth, not hope to tax it away from them. Prevent the crime rather than tax proceeds of crime ('crime' here meaning money dishonestly generated through rent-seeking, crony capitalism, etc).

[–]Maniak🥃😾 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Better yet: do both.

Tax laws to push them into their hiding holes, then go after the holes.

[–]therazorx👹🧹🥇 The road to truth is often messy. 👹📜🕵️🎖️[S] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (2 children)

Business Insider breaks it down further:

Here's a complete breakdown of how the $1 billion revenue from the millionaire's tax will be spent, according to the governor's office:

  • $71 million for early education and care. The governor's office says this will increase childcare slots for income-eligible families and put the state on a path to universal pre-K

  • $224 million for K-12 education, which Healey's office says will guarantee access to free lunch for students across the state, expand routes for high school students to earn college degrees, and fund clean energy infrastructure in schools

  • $229 million for higher education. The governor's office says this will help make community college and a four-year degree more accessible through the MassReconnect program and financial aid expansions

  • $477 million is earmarked for transportation programs. This includes:

  • $206 million to improve accessibility at commuter rail stations, the implementation of "a means-tested fares pilot," to support the workforce and safety.

  • $75 million for "critical highway bridge" infrastructure

  • $100 million to fix and maintain roadways

  • $96 million for regional transit, especially in rural communities, and water transportation

all that with just 4% on incomes over 1 million. Imagine if the rich were taxed properly over the last few decades....

[–]MeganDelacroix🤡🌎 detainee 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

😄

 

Anyone who believes any of that will happen ought to be committed.

[–]therazorx👹🧹🥇 The road to truth is often messy. 👹📜🕵️🎖️[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Maybe, Maybe not. Time will tell either way, and I am aware of earmarked taxes being shuffled around without voter consent, but it's still better than not taxing them.