In 2022, Massachusetts residents voted in favor of a Fair Tax ballot measure to extra-super-duper-tax those earning more than one million dollars a year and to spend the revenue from that on education and transportation initiatives.
Naturally, there were the naysayers. Those who warned that all of the state’s rich people would move away to their very own Galt’s Gulch or whatever, if they were forced to pay a four percent tax on anything they make over a million dollars. The implication there, of course, is that raising this tax would, ironically, lead to the state collecting less revenue overall.
That didn’t happen! In fact, the state has already raised $1.8 billion in revenue so far for this fiscal year — which is $800 million more than they expected, and they still have a few months to go. The vast majority of the surplus will go to a fund that legislators can use for one-time investments in various projects.
The revenue has already been invested in universal school lunches, in more scholarships to public colleges, in improvements to the MBTA, and to repair roads and bridges. These are all things that will improve the quality of life for everyone, including the “ultra-rich” who happen to live there. The fact is, it’s just nice to live in a society that is more civil, that takes care of its people and its children and that fixes things when they are broken.
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Elizabeth Warren, Pramila Jayapal, and others have introduced bills in the House and Senate for a nationwide millionaire’s tax of two percent — two cents on the dollar for all wealth exceeding $50 million and six percent on all wealth over a billion dollars. This would bring in an estimated $3.75 trillion over 10 years, which we could use to improve the lives of all US citizens. We could have so many nice things!
It’s time to stop living in fear of what millionaires and billionaires — who have made their fortunes off of roads we’ve paid for and employees we’ve paid to educate — will do or where they will move if forced to pay their fair share. That’s no way to live. If they have some place better to go that won’t force them to contribute to improving their community? Let them. Other people will come along and be more than happy to pick up where they left off. But more than likely, they won’t do jack shit because they’re rich, and if they wanted to live someplace else, they’d be there by now.
Official Post of Massachusetts