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Massachusetts’ ‘millionaires’ tax’ brought far more revenue than budgeted and funded education, committee hears
Summary
Witnesses told Vermont’s Ways & Means Committee that Massachusetts’ ballot-authorized ‘millionaires’ tax’ produced substantially more revenue than lawmakers initially budgeted and has been used for education and transportation programs; early data show no large exodus of high-income filers, though questions remain about investment-income mobility.
Phineas of the Massachusetts Budget and Policy Center told Vermont’s Ways & Means Committee on April 21 that Massachusetts’ ballot-authorized ‘millionaires’ tax’ generated far more revenue than the legislature first budgeted and has paid for visible education and transportation programs.
Phineas said the state budgeted roughly $1.0 billion from the new fair-share tax in the first full year but certified about $2.4 billion in collections; in the following year the legislature budgeted $1.3 billion and certified just over $3.0 billion. “It was a real kind of big surprise,” Phineas said, noting the money flows first into a dedicated fund and then into a reserve used for supplemental budgets.
The witness said the dedicated revenue has been used for measures that…
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