this post was submitted on 05 Jan 2026
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[โ€“] masinko@lemmy.world 13 points 6 days ago* (last edited 6 days ago) (1 children)

Massachusetts implemented a 4% millionaire tax in 2022 and a small capital gains tax. The results?

  • extra $3b in tax revenue, extra $1.3b with the capital gains changed.
  • passed a $2.5 billion infrastructure & education bill
  • millionaires in Massachusetts actually grew because of the economic expansion
  • collective wealth of the people in the state went up by 40% two years after it passed

It's proven that it works. We just need policies that benefit people and not just the rich.

Some of the sources:

https://www.axios.com/local/boston/2025/04/29/millionaires-massachusetts-income-surtax-increase

https://www.nbcboston.com/news/politics/data-shows-mass-is-home-to-more-millionaires-despite-new-surtax-according-to-advocates/3698430/

But then how will Musk et al ever become trillionaires if they are taxed accordingly? /s