$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich
$1.5 billion in estimated revenue: A look at the Massachusetts 'millionaire's tax' first year taxing the rich
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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Ok, now what's the top tax bracket? We're talking about people making >$1M/yr.
10% $0 to $11,000.
12% $11,001 to $44,725.
22% $44,726 to $95,375.
24% $95,376 to $182,100.
32% $182,101 to $231,250.
35% $231,251 to $578,125.
37% $578,126 or more.
If you make $579k, you don’t pay 37% of that. You pay the above rate for each range of dollars you earn. So everyone pays 10% on the first $11k they earn.
There’s also deductions including the standard deduction of $13,850 (so subtract that from what you earned)
Some good information: https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets
Yes, I understand how marginal rates work.
The one we're talking about is the state income tax:
5% - $0 to $1,000,000
9% - $1,000,000+
They aren’t paying the highest marginal tax rates, that’s what the loopholes are for. Trusts are well known for this exact scenario.
Nice cop out.
Eh… be proud of the lower taxes and quality of life if you want I guess.
So, you agree that places with higher taxes have a higher quality of life? Thanks, I guess.
The tax is specifically on taxable income over $1M (after the loopholes).
And Massachusetts in particular is noted for having a high quality of life.
noted
Where, what?
I'm about to do some googling, but Im curious what you're basing that on. Like most things, this seems n subjective.
https://en.m.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_Human_Development_Index_score
https://worldpopulationreview.com/state-rankings/quality-of-life-by-state
https://wallethub.com/edu/best-states-to-live-in/62617
It's pretty easy to search: https://duckduckgo.com/?q=quality of life Massachusetts&ko=-1&ia=web
Sure, it's somewhat subjective. But it's fairly consistent, and not just me making stuff up.
It's like when people point to how expensive a state is while denying that it is expensive because so many people want to live there.
It’s funny to say you’re ignoring the abundance of places that do have lower taxes and are also much better places to live.
The only places better than Massachusetts all dont all have higher taxes despite your original asinine claim…
But they, people love living in a bubble.
But they, people love living in a bubble.
You mean the guy who thinks average tax rate is relevant to a discussion about taxable income over $1M?
I would ask you to name some of these abundant places, but between the lame insults and embarrassing grammar, I don't actually care what you have to say. I provided sources for the high standard of living, and marginal tax rates are easy to find.
Enjoy your bubble.