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.
It’s easier to sell a tax hike if you know exactly where it’s going :)
A European here. Aside from going in the right direction, I have a question: Don’t the rich already pay most of their earnings as taxes? So the problem is not that they are not getting taxed, but rather that they avoid paying them through loopholes? Or is that a billionaire problem?
Yeah. The problem is that the richest people have many loopholes to avoid paying taxes. Getting a minimal salary and then just taking loans against their assets is one of them.
This.
And to add to it. If you were making 10 million dollar and someone approached and said that they could make it so that you keep 1 million in taxes if you pay them 100 thousand you would most likely be one of the ones doing it.
If you make enough money you can afford hiring people to find new ways to keep your expenses down. Tax is an expense as any other to many rich people.
“After all, you made your fortune without getting any help so why should your earnings go to p1eople who use the system”
Thanks for the article, learning aboutnthe positives.
On another note…
In February, President Joe Biden urged lawmakers to pass his billionaires’ tax proposal, which would impose a minimum 20% tax on households with a net worth of more than $100 million.
It is a start, but may be too late in the game for the blue administration for 2024.
I have also heard of other positive things being pushed, in my bubble of politics.
Might be due to all the military conflicts around the world and union strikes, that are also starting to ramp up in the US.
Great post on the positive news. Thanks again!
I think it’s fair to wonder why policy changes like those are being pushed so late into the presidents term. Seems like primaries and elections drive policy more than anything else.
Yes, you are right!
It is always the go-to for politicians, I see it workong less and less as more people get informed.
Have to love when people say anything is “free”
[https://www.investmentnews.com/welcome-to-the-millionaires-tax-240997](An overview for those that don’t know anything about this.)
Edit: fixed the link An overview for those that don’t know anything about this.
a 4% surtax on individual earnings above $1 million. This new provision, which comes into effect from Jan. 1, 2023, will be layered over the preexisting 5% state income tax rate.
