Massachusetts got $1.8 billion from taxing rich people more than expected by $800 million, and they’re using the extra money for schools and roads.
Surpasses Revenue Expectations with $1.8 Billion from Special Tax on Wealthiest
According to a published article in The New York Sun, Massachusetts has collected a lot of money about $1.8 billion from a special tax on the state’s richest people in the first nine months of the year. This is much more than what was expected by $800 million which is a big surprise for the state’s finances. The Senate budget chairman Michael Rodrigues, says this extra money expected to be between $800 million and $1 billion will go towards important things like education and transportation once the year ends.
This extra money comes as good news for the state’s budget planners who have been struggling because tax collections were not meeting expectations for most of the year. Even though the governor made some changes and cuts to spending earlier in the year, it wasn’t until April that things started to look better. However, it’s important to note that this extra money might not directly help with the state’s yearly budget. But it’s still a positive sign for Massachusetts’ finances.
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$1.8 Billion Windfall: $800 Million from 4% Surtax on Top Earners of Massachusetts Special Tax Surplus – Surpassing Expectations! (PHOTO: Business Insider)
Raise Massachusetts Campaign Cheers Surplus from Special Tax – Sees $2 Billion Boost for Infrastructure and Education
Furthermore, people who supported this special tax like the Raise Up Massachusetts campaign are happy about the extra money. They say it shows that the tax is working and that there’s now nearly $2 billion available to help with things like fixing roads and helping schools. This extra money is seen as a big opportunity to make important investments in Massachusetts’ future.
READ ALSO: $18 Billion In Business Tax Increases Featured In Governor Newsom’s 2024-25 Budget Addressing $44.9 Billion Deficit
