this post was submitted on 14 Aug 2023

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Massachusetts passed a 4% millionaire's tax last year. Now every public school student is going to get free lunch (www.businessinsider.com)

submitted 1 year ago* (last edited 1 year ago) by MicroWave@lemmy.world to c/news@lemmy.world

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Students in Massachusetts will get free lunch and breakfast at school thanks to a new 4% tax put on people who earn more than $1 million.

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[–] FireTower@lemmy.world 6 points 1 year ago (1 children)

I was curious about the budgeting implications because enacting a increase to revenue doesn't necessarily mean increased spending would be covered. For any one to lazy to go off site, but also interested:

"$1 billion of the state's record $56.2 billion fiscal budget for 2024 came from the state's new 4% tax on millionaires."

"State lawmakers agreed to put $523 million of revenue from the new tax toward education and put $477 million aside for transportation."

Didn't find the cost there but on one of their sources:

"A portion of that money will go toward the $172 million needed to provide free school meals, the State House News Service reported."

[–] DessertStorms@kbin.social 1 points 1 year ago* (last edited 1 year ago) (4 children)

So out of a billion extra dollars, they didn't even spend 20% on the kids (it's too early for me to do the calculation out of the total budget, but it'd be pitiful).
Which is great, but using them as a headline all things considered seems manipulative and like they're burying the lead.

Good for the kids, don't get me wrong, but somewhere along the way a lot more of that money has been spent on other things, and most likely is lining the pockets of the already rich and powerful.

So yeah, it's a great example of what a tiny hike in taxing the rich can do, but it not only doesn't come close to being enough, it also feels like another scam where good publicity hides a whole manner of sins going on behind the scenes.

[–] wrath-sedan@kbin.social 5 points 1 year ago

I mean all we know so far is that half of the new tax is going to education (and 172mil of that has already gone towards an excellent cause) and half is going to transportation. Of course skimming off the top is incredibly common, but I think it’s far too early to call the amount misspent.

[–] FireTower@lemmy.world 4 points 1 year ago

Sorry if my quoting gave off the wrong impression. I believe it meant that of the total 1 billion dollars 523 million will be spent on education. Of the 523 million to be spent on education 172 million will be used to pay for lunches. The remaining 351 million I would assume is being used for other educational expenses like new equipment or for salaries.

Perhaps there is miss management of the funds but I don't think that it fair to conclude the 351 million has been misappropriated just based on this information.

[–] zephyreks@lemmy.ca 3 points 1 year ago

If they could line the pockets of the MBTA, that would be great thanks.

[–] jatone@reddthat.com 1 points 1 year ago

why spend more on something than you need to? plenty of others besides kids who could use the services the additional money will pay for.

[–] eran_morad@lemmy.world 4 points 1 year ago

but muh freedumb

[–] Katana314@lemmy.world 2 points 1 year ago (5 children)

Not to discourage continued bleeding of the rich, but I wonder if this is the right way to go about it. Theoretically, we should already have a lot of laws on the books that slam millionaires for their advantageous position. But, their budget also allows for accountants that shift and hide that money, sometimes on a questionable basis of legality.

Could one prong on this assault be to increase the IRS' operating budget, so that they're able to track down and stop more of these tax haven shenanigans?

[–] elucubra@sopuli.xyz 6 points 1 year ago (2 children)

It's not bleeding anyone. My father was an airline flag carrier captain in Europe. He made what he called "an obscene paycheck". When taxes came around, he would say: look at what they are taking from me, I must be making a ton!

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

And that’s still only employer money. Very very high paid employee money, but ultimately still labor.

You wouldn’t believe what you can pull down if you live off other people’s labor.

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[–] MostlyBirds@lemmy.world 2 points 1 year ago* (last edited 1 year ago) (2 children)

The SCOTUS will overturn this within 2 years.

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[–] Pratai@lemmy.ca 2 points 1 year ago

This is fantastic news!

[–] stealin@lemmy.world 2 points 1 year ago

They don't need more tax they just need to stop squandering it. My town has turned into idiots first sim city playthrough.

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