this post was submitted on 14 Aug 2023
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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 (5 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."

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

but muh freedumb

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

This is fantastic news!

[–] 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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[–] 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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