Massachusetts passed a 4% millionaire's tax last year. Now every public school student is going to get free lunch
Massachusetts passed a 4% millionaire's tax last year. Now every public school student is going to get free lunch
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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Good. Now slap a 0 to the end of that 4, and then double it.
Made me curious what the total tax rate would be in Mass. Apparently it has a flat 5% income tax, plus 4% millionaires tax, plus federal rate for income over about 578k is 37%, so altogether itâs 46% for income over a mil in Mass.
Definitely think it should be higher for such wildly high income. Also disappointed to see for being a relatively progressive state Mass has a flat rather than progressive income tax.
Definitely think it should be higher for such wildly high income.
Higher, nothing. There should be a rate above which it's taxed at 100%. No one needs to be as rich as Musk or Zuckerberg or Bezos.
And yet you guys wonder why millionaires move to Texas. You increase the taxes above a certain number and they'll take all their wealth, consumption and their taxes to another state.
Taxes should be sustainable. High taxes on rich people aren't sustainable because they'll leave taking whatever taxes they pay and whatever consumption they do which contributes to the economy.
The wealth that they hoard? The consumption they import? Let me guess, they're also "job creators."
Who pays your salary?
A corporation. Not a rich individual.
Who do you think created these corporations? Rich people with aim to make more money.
Capitalism pays your salary. Without capitalism and with theft of wealth via unfair taxation, your job won't exist.
Rich people do not need to exist for corporations to exist. Also, you think wage theft doesn't happen under capitalism?
According to the Economic Policy Institute, wage theft costs U.S. workers as much as $50 billion per yearâââa number far higher than all robberies, burglaries and motor vehicle thefts combined.
https://inthesetimes.com/article/wage-theft-union-labor-biden-iupat
All right! Go capitalism!
And no millioneir will keep his money in a state where those are the tax rates. If you make it too high you literally get nothing.
Awww. Too bad for them. What will we do without millionaires hoarding their wealth?!
No, he's saying they will keep it. Just in a way that mass gets literally nothing
So either they will get a lot of money or things won't be any different except millionaires won't be there hoarding wealth?
I'm not seeing a downside yet.
I think they mean the millionaires will find other ways to hoard it to avoid tax levels they won't stomach. Fair? No. Reality? Probably.
People make the same argument about not returning to the tax rates of the 1950s. I say let's try it and find out.
I ... honestly would be up for this approach. When do you run for office, sir?
As your income increases, your ability to reduce taxable income also increases. The goal of the state is basically to target the lazy.
In other words, âDonât provide children with free meals.â
I'm pretty sure at an 80% rate the millionaires would just spend the rate moving, out of state or out of country depending on how far reaching it was.
And nothing of value was lost...
Like, oh no, what would a state do without their money hoarding exploiters that alredy contribute less than the bare minimum???
And worse - if everyone decided to make these laws, where will the poor millionaires escape to then???Oh, won't someone think of the millionaires!!!11
And nothing of value was lost...
Except the taxable income you wanted to tax?
You mean the money that we already aren't getting?
I don't want to tax, I want to eat.
Oh look, someone else who doesn't understand how progressive tax brackets work. Their effective tax rate wouldn't be 80%, only income above a certain (very high) number would be taxed at 80%.
Thatâs exactly how that would go.
Then weâd be rid of them at least