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News@lemmy.world · 11 months ago

$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich

cross-posted to:
brainworms@lemm.ee

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$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich

return2ozma@lemmy.world to

News@lemmy.world · 11 months ago

cross-posted to:
brainworms@lemm.ee

$1.5 billion in estimated revenue: A look at the Mass. 'millionaire's tax' first year

Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.

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11 months ago
For readers who want to learn more:

https://smartasset.com/investing/buy-borrow-die-how-the-rich-avoid-taxes

I heard about it last year on a podcast. It’s apparently very common among the ultra wealthy.

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