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A 4% income tax on millionaires will make lunch free for Massachusetts K-12 students (www.npr.org)

submitted 1 year ago by Peaces@infosec.pub to c/usnews@beehaw.org

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[–] SomeRandomWords@lemmy.blahaj.zone 2 points 1 year ago

MA (and much of the US) has a multi-level tax system where they all stack up.

Let's tax someone in Boston, MA making $1.5m/yr

Local = 0% State = 9% (previously 5%) Federal = 37%

So on their final dollar of income they'll be paying 46% income tax now. Note of course because of graduated income tax schemes, that 46% is not applied to the entire $1.5m but instead only to the amount that fits into the highest bracket.